Bank of Korea Governor Shin Hyun-song said at his first meeting with Deputy Prime Minister and Minister of Strategy and Finance Koo Yun-cheol that "in a situation where growth and prices are in conflict, it is important for fiscal and currency policy to be in harmony."
Shin and Koo held a breakfast meeting at the Bankers Club at the Bankers Association building in Myeong-dong, Seoul, on the morning of the 23rd. The meeting was the first introductory session between the newly appointed Governor Shin, who took office on the 21st, and Deputy Prime Minister Koo.
Koo said, "Given the high volatility in the macroeconomic environment, it is important for the Bank of Korea (BOK) and the government to consult closely when necessary," adding, "I will call the governor often and meet frequently to communicate."
Shin also said, "With the Middle East situation ongoing and growth and prices in conflict, it is important for policy to be carried out in a coordinated manner," adding, "I will frequently consult (with the government) on pending issues and institutional improvements."
They also pledged cooperation between the two institutions on structural issues. Koo said, "We need to build growth potential going forward," adding, "If the Bank of Korea (BOK), which has research functions, offers good opinions and proposals, we will make sure to discuss them thoroughly."
Deputy Prime Minister Koo and Governor Shin plan to communicate closely through forums such as the market conditions review meeting.