Lee Chang-yong, governor of the Bank of Korea, will participate as a panelist in the annual forum held by the European Central Bank (ECB), where he will meet with Jerome Powell, chair of the Federal Reserve, and Christine Lagarde, president of the ECB, to discuss currency policy. This is Lee's first time attending the ECB forum as a panelist.
According to the ECB on the 20th, Governor Lee Chang-yong will participate as a panelist in the core session of the ECB Central Bank Forum, called the 'Policy Panel,' on July 1 (local time) in Sintra, Portugal. This session will last about an hour and will include participation from Powell, Lagarde, Kazuo Ueda, governor of the Bank of Japan, and Andrew Bailey, governor of the Bank of England.
The ECB Central Bank Forum has been held annually in Sintra, Portugal, since 2014, gathering central bank governors, economists, and policymakers to discuss global economic trends and related policy responses. It is also referred to as 'Europe's Jackson Hole.' This year's forum will have the theme 'Adapting to change: Macroeconomic changes and policy responses' and will take place from June 30 to July 2.
While past governors of the Bank of Korea have often been invited to the ECB forum as general participants, this is the first time one has participated as an official panelist. With Governor Lee's name on the stage for policy discussions alongside other major central bank governors, it is expected that the Bank of Korea's international stature will rise.
A Bank of Korea official noted, 'Since all participants in the policy panel session are central bank governors, it is expected that there will be discussions on a wide range of policies and economic outlooks.' They added, 'In addition to the session, various events, including a dinner, are planned, allowing for much informal dialogue with the governors of major central banks.'
Governor Lee Chang-yong has elevated the stature of the Bank of Korea in various settings. On the 21st of last month (local time), he became the first Korean to receive the prestigious 'FPA Medal' awarded by the Foreign Policy Association (FPA), a U.S. think tank. The FPA Medal is presented to individuals who have contributed to enhancing public understanding of international issues and have demonstrated responsible behavior in the international community, with past recipients including former Federal Reserve Chair Paul Volcker.
Earlier last year, he was selected as the Central Bank governor of the Asia-Pacific region by The Banker, a global financial publication. At that time, The Banker highlighted that Governor Lee had rapidly stabilized prices in Korea, noting, 'Amid rising prices and economic recession, he contributed to maintaining a strong Korean economy.'
Another official from the Bank of Korea stated, 'The international cooperation capabilities of the Bank of Korea have been significantly strengthened during Governor Lee's term,' adding, 'This event has recognized the Bank of Korea's policy capabilities and its stature in global markets internationally.'