The financial and monetary authorities of South Korea and the United States held their first quadrilateral meeting to discuss the economic situation and financial cooperation between the two countries. The aim is to strengthen policy coordination to respond more swiftly and effectively to external shocks.
On October 16, Lee Hyung-il, Deputy Prime Minister and Minister of Finance, met with Shin Hyun-sung, Governor of the Bank of Korea, Kevin Warsh, Chair of the U.S. Federal Reserve, and Francis Brooke, Deputy Secretary of the U.S. Treasury, in Bangkok, Thailand.
The participants discussed the recent economic situation and avenues for economic and financial cooperation between the two nations. This meeting was organized in conjunction with the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB). Erin Brown, Deputy Assistant Secretary for International Affairs at the U.S. Treasury, also attended.
Lee described the meeting as significant, noting that it was the first time the finance ministries and central banks of both countries convened together. He emphasized the importance of sharing policy issues and discussing cooperation among the four institutions.
A Ministry of Finance official stated, “This meeting aims to strengthen the policy mix between our two countries’ fiscal and monetary policies. It is meaningful in establishing a cooperative framework that allows for a quicker and more effective response through close coordination between fiscal and monetary authorities in the event of external financial shocks.”
* This article has been translated by AI.
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