Bank of Korea Governor Lee Chang-yong defended the appointment of Choi Sang-mok, acting president and deputy prime minister, as a constitutional court judge during a meeting with financial leaders, assessing it as a starting point to inform the world that the South Korean economy operates independently from the political process.

Governor Lee noted at the 2025 Pan-Financial New Year's meeting held at the Lotte Hotel in Jung-gu, Seoul on the 3rd, "Although evaluations may differ depending on political interests, acting president Choi Sang-mok made a difficult but inevitable decision considering the economy over politics to prevent a decline in external credibility and a government vacuum."

Changyong Lee, Governor of the Bank of Korea, delivers a New Year's address at the 2025 opening ceremony held at the Bank of Korea in Jung-gu, Seoul, in the morning of Nov. 2. /Courtesy of News1

He said, "This will be a starting point to inform both domestic and foreign audiences that our economy will operate independently and normally without being influenced by the political process," adding, "It's time for the ruling and opposition parties to cooperate to stabilize the national command tower, and the Bank will hold the center and cooperate with the government to serve as a breakwater to protect external credibility."

Governor Lee also supported the appointment of acting president Choi as a constitutional court judge during the Bank meeting the previous day, assessing that it alleviated concerns over the absence of a command tower. In response to a cabinet member who opposed, Lee sharply remarked, "Speak while considering the economy."

On the same day, Governor Lee hinted at the gradual easing of monetary policy. He stated, "Considering the conflict among policy variables such as prices, growth, exchange rate, and household debt amid unprecedented political and economic uncertainty, future monetary policy needs to be operated flexibly and swiftly," adding that "the speed of interest rate cuts will be decided flexibly while closely monitoring the developments of internal and external risk factors and the consequent changes in economic trends."

Meanwhile, the Pan-Financial New Year's meeting was co-hosted by six financial associations, including the Korea Federation of Banks. The event was attended by more than 500 people, including representatives of financial companies, government officials, lawmakers, journalists, and heads of related financial institutions.