[The Editors' Verdict] How the Economic Central Disaster HQ Can Avoid Failure

President Moon Jae-in said at the senior secretaries and advisors meeting held at the Blue House on the 20th, "I hope you prepare for the full-scale operation of the Economic Central Disaster and Safety Countermeasures Headquarters (Economic Central Disaster HQ) system, with the Deputy Prime Minister for Economy at its center and all economic-related ministries participating, by strengthening the government's emergency economic response system." He added, "Please promptly establish a crisis management system that consolidates the government's capabilities in crisis management, job protection, and corporate protection until the economic crisis ends." This directive came as the economic shock caused by the novel coronavirus disease (COVID-19) materialized in various indicators such as consumption, exports, and employment, instructing the activation of the Economic Central Disaster HQ system centered on the Deputy Prime Minister for Economy for a full-scale response. It is known that the current Crisis Management Countermeasures Meeting, chaired by Deputy Prime Minister for Economy and Minister of Strategy and Finance Hong Nam-ki, will be expanded and reorganized to operate the Economic Central Disaster HQ.

President Moon seems to be modeling the Economic Central Disaster HQ after the Central Disaster and Safety Countermeasures Headquarters for quarantine, chaired by Prime Minister Chung Sye-kyun. Just as Korea's quarantine model has been evaluated as successful overseas, he wants to achieve similar results in the economy. The reason the quarantine Central Disaster HQ was able to achieve some success was primarily because they trusted and fully relied on the opinions of quarantine experts, including Director Jung Eun-kyung of the Korea Disease Control and Prevention Agency. There was little room for political interests to interfere.

Therefore, the public was able to demonstrate mature civic consciousness by faithfully following social distancing guidelines according to the decisions of the quarantine Central Disaster HQ.

However, looking at the current flow in the Blue House and political circles, concerns arise about whether the Economic Central Disaster HQ will operate properly. Considering the ongoing controversy over the emergency disaster relief fund, it is doubtful whether the Economic Central Disaster HQ led by Deputy Prime Minister Hong Nam-ki will be able to demonstrate expertise free from political pressure.

The Ministry of Strategy and Finance submitted a supplementary budget bill worth 7.6 trillion won to the National Assembly on the 16th for the payment of the emergency disaster relief fund. The ruling party, government, and Blue House had previously decided to provide 1 million won (based on a four-person household) in emergency disaster relief funds to the bottom 70% income group. This was confirmed and announced at the third emergency economic meeting chaired by President Moon.

Nevertheless, during the 21st general election, the ruling party suddenly pulled out the card of "emergency disaster relief payment to all citizens." Lee In-young, the floor leader of the Democratic Party of Korea, said, "If candidate Ko Min-jung is elected, we will do our utmost to provide emergency disaster relief funds to all citizens." This was a reversal by the ruling party floor leader of the agreement made by the ruling party, government, and Blue House and the statement made by the president. There was no logical connection whatsoever between "Ko Min-jung's election" and "emergency disaster relief payment to all citizens."

As expected, after the general election, the payment of emergency disaster relief funds to all citizens became a political issue. The ruling party is pressuring to provide emergency disaster relief funds to all citizens even if it means issuing 3 trillion won in deficit bonds, but the government is maintaining its original position. Deputy Prime Minister Hong emphasized, "Since it is impossible to predict when and how the ripple effects of COVID-19 will appear, it is necessary to accumulate additional fiscal capacity and bond issuance capacity to prepare for even more difficult situations ahead."

There was some controversy when the policy to provide funds to the bottom 70% income group was announced. However, expanding the target to all citizens now to eliminate controversy would only create new issues. Some proposals to reduce the amount for the urgently needed groups in order to appease the dissatisfaction of the top 30% income group are also unreasonable.

Even with just the emergency disaster relief fund, political influence is strong, so there is no guarantee that the Economic Central Disaster HQ to be operated in the future will be free from interference. Whether the ruling party, which won a landslide victory in the general election, or the defeated opposition party, if both intervene, confusion is inevitable. However, just as quarantine was entrusted thoroughly to experts, the economy must also be entrusted to experts to overcome the economic crisis. For this, the president's will is of utmost importance. The Economic Central Disaster HQ must be firmly empowered so that it can focus solely on revitalizing the economy, free from political interests.

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