By Um Yoonsun
Jin Dong-soo, chairman of the Financial Commission, stated on 23rd that in order to enhance domestic financial institutions’ competitiveness in foreign exchange sector, his organization will address additional measures on foreign exchange issues, on top of the recent regulations on forward exchanges.
During the congratulatory speech in the ‘2010 International Financial Forum,’ hosted by the Asia Business in Lotte Hotel, sogongdong, seoul, Chairman Jin said “domestic financial institutions exposed their vulnerabilities in the foreign exchange sector like back in Asian financial crisis ten years ago.
Moreover, Chairman Jin added that “his organization is going to implement smart regulations which enhance vulnerabilities, strengthen the health of foreign exchange sector and skims off unnecessary regulations.”
He predicted that although international financial market has lately shown stability, Europe’s fiscal crisis is likely to be prolonged.
Chairman Jin remarked that “ I cannot guarantee that European financial crisis will soon be erased considering the practicability of various financial measures, possibility of austere practices and execution policy capabilities.” He commented that “If European crisis procrastinates, global financial crisis may revive.”
Then he noted that “to see the world economy as a whole, there is a general view of continued momentum of recovery and OECD is showing some positive changes, such as, elevating economic prospects.”
He then pointed out that “the government will focus on consolidating the competitiveness of the financial industry while closely observing both domestic and foreign conditions.”
Chairman Jin proposed five tasks that financial authorities should pursue in the second half of the year: a preparation of G20 summit, reinforcing the competitiveness of the financial industry, protecting financial consumers, activating small-loan finances, and privatizating financial institutions.
He mentioned that “the issues of financial regulatory reforms will be handled in the November’s G20 summit in Seoul and I will mediate different opinions of each nation to make this reach a sound agreement.” Lastly, he cited that “as the problem of consumer protection appears to be the main policy task aside from global financial crisis, we are going to present composite problem-solving legislations by the year.”
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