Lee Jae-myung on the 22nd named Shin Hyun-song (67), head of the monetary and economic department at the Bank for International Settlements (BIS), as the nominee for the next Bank of Korea governor. Under Article 33 of the Bank of Korea Act and other provisions, the new Bank of Korea (BOK) governor will be appointed by the president after deliberation by the Cabinet, a National Assembly confirmation hearing, and the adoption of the confirmation report.
Lee Kyu-yeon, senior presidential secretary for public affairs, announced the appointment of the successor to Rhee Chang-yong, the Bank of Korea (BOK) governor, at a Cheong Wa Dae briefing that afternoon.
Born in Daegu, the nominee completed a bachelor's in philosophy, politics and economics and a master's and doctorate in economics at the University of Oxford in the United Kingdom, and served as a resident scholar at the International Monetary Fund (IMF), a member of the Financial Advisory Roundtable at the Federal Reserve Bank of New York, and a professor in the Department of Economics at Princeton University in the United States. In particular, in 2010 under the Lee Myung-bak administration, the nominee served as Cheong Wa Dae presidential adviser for international economy.
Lee said the nominee is "a world-renowned authority in international finance and macroeconomics with academic depth and practical insight, having worked at the IMF and the New York Fed," adding, "With international economic uncertainty growing due to the Middle East situation, the nominee is the right person to achieve the monetary policy goals of price stability and national economic growth at the same time."
Addressing criticism that the nominee's career has been focused more overseas than at home, Lee said, "The nominee has maintained continuous interest in domestic currency policy and has frequently participated in seminars and given lectures," adding, "As the current Middle East situation shows, it has become impossible to separate international dynamics from domestic economic conditions. In that respect, the nominee's expertise will stand out even more."
With international economic uncertainty elevated amid the prolonged Middle East situation, the new Bank of Korea (BOK) governor will be responsible for overall management of prices and currency, including high oil prices stemming from an energy supply crisis, as well as exchange rates.