They discussed ways to strengthen cooperation in fiscal and monetary policy, as well as in establishing future strategies.
During their talks at the Bank of Korea headquarters in central Seoul, both sides expressed concerns that, while exports remain robust, inflationary pressures are rising due to the prolonged war in the Middle East and sustained high oil prices.
They also agreed on the need to focus on stabilizing livelihoods by ensuring price stability and increasing support for the underprivileged.
Their first such meeting comes as the government pushes for fiscal expansion and structural reforms.
"Close coordination between the ministry and the central bank has never been more important," Park said. "No single institution can tackle these economic challenges alone," Shin replied.
The two sides also stressed the need for cooperation in addressing major challenges such as the transition into the artificial intelligence (AI) era, demographic shifts, climate change, growing wealth inequality, and regional economic imbalances.
Park outlined plans to establish mid- to long-term strategies in close collaboration with the Bank of Korea. Shin pledged that the BOK would actively cooperate.
Shin said the central bank would expand its role beyond its traditional focus on price and financial stability, actively researching and offering policy proposals on growth and structural reform, an approach in line with that of his predecessor, Rhee Chang-yong.
The two also agreed to meet more frequently to share key issues and to continue close cooperation.
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