President Moon: "In an emergency economic situation, unprecedented measures must be created"... Trust in Hong Nam-gi confirmed

President Moon Jae-in is holding a 'Special Meeting to Review Economic and Financial Conditions' on the morning of the 13th at the Yeomin Building of the Blue House. On the left is Chief Secretary Noh Young-min. Attending the meeting were Deputy Prime Minister for Economy Hong Nam-ki, Bank of Korea Governor Lee Ju-yeol, Minister of Trade, Industry and Energy Sung Yun-mo, and Financial Services Commission Chairman Eun Sung-soo. [Image source=Yonhap News]

[Asia Economy Reporter Son Sun-hee] President Moon Jae-in said on the 13th, "Those in charge of economic policy sometimes consider measures based on past emergency situations, but this is an emergency economic situation incomparable to MERS or SARS," adding, "The government must do its best to come up with unprecedented measures that were not taken before."

President Moon made these remarks during a special economic and financial situation review meeting convened at the Blue House that morning, according to Blue House spokesperson Kang Min-seok. The meeting was attended by economic ministers including Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance; Sung Yun-mo, Minister of Trade, Industry and Energy; Eun Sung-soo, Chairman of the Financial Services Commission; and unusually, Lee Ju-yeol, Governor of the Bank of Korea.

After receiving reports on the financial market and overall economic trends, President Moon said, "While comparisons can be made with past cases, the situation is different and special, requiring unprecedented actions," emphasizing, "The government must understand the difficulties faced by the people and show a determination to resolve issues on the people's side by any means."

He also instructed, "Please review measures to allow Korean businesspeople holding the government's health certificates to enter the country exceptionally for business activities, so that this can become a standard model for discussions at international organizations."

Regarding the controversy over Deputy Prime Minister Hong's position amid the supplementary budget formulation, President Moon reaffirmed trust by saying, "You have done well so far, so please continue to do well," to which Hong responded, "I will do my best."

The meeting was urgently convened by President Moon as the domestic stock market plummeted due to the so-called 'pandemic shock.' This was the first time since the Moon Jae-in administration began that the Bank of Korea Governor attended a Blue House meeting, indicating the seriousness with which the current economic and financial situation is being regarded.

This content was produced with the assistance of AI translation services.