Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il and Bank of Korea Governor Shin Hyun-sung have agreed to enhance policy coordination to proactively address risks in the financial, foreign exchange, and asset markets. As volatility in financial markets and external uncertainties increase, the leaders of economic and monetary policy met shortly after taking office to confirm their commitment to collaboration.
On the morning of September 28, Lee visited the Bank of Korea in central Seoul to meet with Governor Shin, just six days after his inauguration on September 22.
Both officials acknowledged that while economic indicators such as exports and investments are showing positive trends due to a semiconductor boom, external uncertainties remain high due to rising interest rates in major countries and geopolitical risks. Domestically, they noted that burdens on the public continue.
They agreed that as the interconnectivity among the financial, foreign exchange, and real estate markets increases, it is essential to look beyond individual macroeconomic indicators and comprehensively assess the overall economic situation to identify risks proactively.
To this end, Lee proposed that both institutions closely communicate to seek harmonious economic and monetary policy measures aimed at achieving common goals of price stability, growth, and financial stability. He also suggested strengthening the cooperative framework for integrated assessments and early responses in the financial, foreign exchange, and asset markets.
In the medium to long term, they plan to collaborate on future challenges such as the internationalization of the won and digital finance, as well as strategies to enhance potential growth rates and spread the benefits of growth.
Governor Shin emphasized that a stable macroeconomic environment, underpinned by price and financial stability, is essential for establishing a foundation for sustainable growth. He responded positively to the call for close communication and cooperation between the two institutions.
Following their meeting, both sides agreed to continue communication and collaboration through existing cooperative frameworks, such as market situation assessment meetings, as well as various channels.
* This article has been translated by AI.
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