First meeting with Gov. Shin Hyun-song focuses on coordinating economic and monetary policy
Two institutions agree to strengthen cooperation on early detection of market risks
Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il visited the Bank of Korea on Monday — six days after taking office — to meet with Governor Shin Hyun-song and discuss ways to coordinate economic and monetary policy. The two agreed to strengthen cooperation in jointly monitoring financial, foreign exchange and real estate markets and responding proactively to emerging risks.
According to the Ministry of Economy and Finance and the Bank of Korea, Lee visited the central bank Monday morning, greeted senior officials and then held a one-on-one meeting with Shin. It was Lee's first visit to the Bank of Korea since he took office Tuesday.
The two assessed that economic indicators such as exports and investment were performing well, driven by a semiconductor boom, and that growth momentum was broadening. However, they agreed that external uncertainty remains elevated — including rising interest rates in major economies and geopolitical risks — and that domestic cost-of-living pressures continue to weigh on households.
They also noted that growing interconnections among financial, foreign exchange and real estate markets make it necessary to assess the economy comprehensively rather than relying on individual market data or macroeconomic indicators alone. The two sides agreed to deepen inter-agency cooperation to identify and respond to market risks early.
Lee proposed that the two institutions communicate closely and seek ways to run economic and monetary policy in a coordinated manner under the shared goals of price stability, growth and financial stability. He also called for strengthening a cooperative framework for integrated monitoring of financial, foreign exchange and asset markets and for early response. Lee said cooperation was also needed on medium- and long-term challenges, including the internationalization of the won, digital finance and raising the potential growth rate.
Shin emphasized that macroeconomic stability through price and financial stability is a prerequisite for building a sustainable growth foundation, and expressed his commitment to close communication and cooperation. The two institutions plan to continue consultations through existing cooperative mechanisms, including the Market Situation Review Meeting, as well as a range of other channels.
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