Lee Chang-yong, the governor of the Bank of Korea, emphasized the importance of structural reform and underscored the need for political leadership.
On the 14th, Governor Lee said at the 7th Global Engagement & Empowerment Forum held at Yonsei University's Centennial Memorial Hall in Seodaemun-gu, Seoul, that "political leadership capable of politically merging and coordinating various interests is necessary."
During a discussion with former World Bank (WB) President Kim Yong, Governor Lee noted, "In the past, democracy was less developed, and economic development was the top priority." He added, "However, when a country becomes Sunjin, each has their own interests, making it difficult to coordinate."
He cited the increasing youth suicide rate as an example. Governor Lee stated, "The rise in youth suicide rates is due to intensified educational competition, and to resolve that issue, entrance exam problems must be addressed." He continued, "However, universities claim they cannot reform the entrance exam system due to monitoring by the Ministry of Education, and the Ministry of Education does not allow universities to operate freely. Thus, this conflict continues."
Governor Lee also said, "I believe that the aging issue can be resolved if healthcare becomes a business product," adding, "To start a healthcare business, hospitals need to be incentivized, and regulations must be eased to attract foreign patients, but the interests of those who want to protect their professional benefits complicate the situation."
The governor emphasized, "These issues cannot be solved by a dictator; we need policy leadership capable of politically merging and resolving many regulations with vested interests." He stated, "Good talent must enter politics to harmonize conflicts, and citizens need the insight to choose such talent."
Additionally, Governor Lee stressed that a 'consumer-centric' approach is necessary to address the structural issues facing South Korea. Citing the issue of apple imports, he said, "Agricultural policy should shift from protecting the industry to expanding consumer choice." He noted, "The system we have used before was successful, but now a different framework is needed."