On the 22nd, Bank of Korea governor nominee Shin Hyun-song said, "I will consider how to run a balanced monetary policy that takes into account prices, growth, and financial stability," adding, "I will explain in detail my more specific thoughts on policy and organizational management through the forthcoming National Assembly confirmation process."
Shin said, "While changes in U.S. tariff policy and major countries' currency and fiscal policies had been latent upside and downside risk factors for our economy, the recent rapid shift in the Middle East situation has also heightened volatility in financial and foreign exchange markets and uncertainty in the economic outlook," adding, "I feel a heavy sense of responsibility to lead monetary policy at such a grave time."
Regarding Bank of Korea Governor Rhee Chang-yong, Shin said, "I pay respect for entrenching the price stability stance through active policy responses, working to stabilize financial and foreign exchange markets, and studying in depth our economy's structural problems while presenting policy alternatives."
The new Bank of Korea governor is appointed by the president after a State Council deliberation and a National Assembly confirmation hearing. President Lee Jae-myung on the day nominated Shin, director of the Monetary and Economic Department at the Bank for International Settlements (BIS), as the next Bank of Korea governor.
Shin, a native of Daegu, earned a bachelor's in philosophy, politics and economics and a master's and doctorate in economics from the University of Oxford in the United Kingdom. He went on to serve 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 2010 under the Lee Myung-bak administration, he served as Blue House senior coordinator for international economics.