Bank of Korea Governor Rhee Chang-yong said advanced and emerging economies like South Korea, Thailand and China that face rapid aging could return to low inflation and low growth once the current high inflation stabilizes.

At an international forum held in downtown Seoul on Thursday, Rhee questioned whether, under such low inflation and growth, the countries should follow Professor Paul Krugman's advice to central bankers in advanced economies to "credibly promise to be irresponsible."

In his opening address for the event, which was also attended via video conference, Rhee, called on the central banks in emerging economies to be more discreet and conservative in mobilizing the same set of unconventional monetary policy tools.

The nation's chief monetary policymaker said they were previously able to avoid currency depreciation or excessive capital outflows as advanced economies had also faced low growth and had taken similar steps.

Rhee also highlighted the need for central banks to do more than simply fulfill their pre-pandemic duty of maintaining price stability, saying their social responsibilities will expand to include addressing global issues of digital innovation and climate change.