BOK chief, finance minister vows enhanced policy coordination during 1st meeting

New Bank of Korea (BOK) Gov. Shin Hyun-song and Finance Minister Koo Yun-cheol agreed Thursday to strengthen policy coordination amid heightened market volatility stemming from the ongoing Middle East crisis, the central bank said. Shin and Koo underscored the need during their first meeting since Shin took office Tuesday. "As the situation in the Middle East is still unfolding, and given the tension between growth and inflation, monetary and fiscal policies need to be conducted in a coordinated manner," Shin said. "I am very pleased to have this opportunity to directly share our assessments of the economic situation. I will stay in frequent contact to discuss current issues, as well as institutional improvements and structural reform," he added. Koo stressed the importance of close communication in conducting fiscal and monetary policies, noting that financial market volatility remains high amid the Middle East crisis. "The foreign exchange market, in particular, requires closer coordination between the BOK and the finance ministry," Koo said. "Structural reform is needed to boost potent

Go to News Site