Blue House and Ruling Party Contemplate 'Emergency Financial Economic Order'... Political Calculations Behind the Last Resort

Pressure to Pass Emergency Disaster Relief Fund During May 15 Temporary National Assembly Session... Emergency Financial Economic Order Realized for the First Time in 27 Years? Political Burden on Both Ruling and Opposition Parties

[Asia Economy reporters Ryu Jeong-min and Lee Ji-eun] As the Blue House and the ruling party have raised the possibility of invoking the 'Emergency Financial and Economic Command,' discussions on the emergency disaster relief fund for the novel coronavirus infection (COVID-19) have entered a new phase. While the prevailing analysis is that the ruling party's shift in stance is a card to pressure the United Future Party, the reality of invoking the Emergency Financial and Economic Command for the first time in 27 years is becoming possible.

Lee In-young, floor leader of the Democratic Party of Korea, said in an interview with tbs radio's 'Kim Eo-jun's News Factory' on the 24th, "Theoretically, the session lasts until May 15. (After that) if the National Assembly cannot convene, the president may invoke the Emergency Financial and Economic Command." However, Lee drew a line by saying that it would be 'more normal politics' for the United Future Party to change its position.

In response, Kim Jae-won, chairman of the National Assembly's Special Committee on Budget and Accounts and a member of the United Future Party, held a press conference at the National Assembly on the same day and dismissed the idea, saying, "According to the Constitution, the Emergency Financial Command is invoked when the National Assembly cannot convene. Currently, the National Assembly is waiting to be opened, so this is an unconstitutional idea."

[Image source=Yonhap News]

President Moon Jae-in ordered to speed up the processing of the supplementary budget (supplementary budget) to provide the emergency disaster relief fund, but differences between the ruling and opposition parties have not been easily narrowed. At a press conference the day before, Representative Kim publicly questioned Deputy Prime Minister and Minister of Strategy and Finance Hong Nam-ki on 22 items related to the disaster relief supplementary budget.

On the day, Representative Kim said, "Deputy Prime Minister Hong has not contacted me at all, and yesterday afternoon, Second Vice Minister Koo Yoon-cheol unilaterally sent a text message saying he would report at 3 p.m. tomorrow, but there has been no further content," and sharply criticized, "I sternly warn Deputy Prime Minister Hong. All responsibility lies with President Moon Jae-in, the Democratic Party, and Deputy Prime Minister Hong."

The Democratic Party continued to criticize the United Future Party's non-cooperation. Floor leader Lee said, "The United Future Party must immediately lift the blockade on budget review," and criticized, "The public is growing increasingly anxious day by day, but the chairman of the Budget Committee is unilaterally blocking the supplementary budget review."

He added, "It is known that the United Future Party broke its promise and notified all its members to stop the standing committee budget review," and said, "The United Future Party's attempt to neutralize the disaster relief fund is very blatant. There is a strong possibility of misunderstanding that they have no intention of processing it within the term of the floor leadership."

Kim Jae-won, Policy Committee Chairman of the United Future Party, is attending a closed Supreme Council meeting held at the National Assembly on the 22nd while on a phone call. Photo by Yoon Dong-joo doso7@

The Emergency Financial and Economic Command is stipulated in Article 76, Paragraph 1 of the Constitution. The president may issue the command when there is an urgent need for measures due to internal or external disturbances, natural disasters, or serious financial or economic crises, and there is no time to wait for the National Assembly to convene.

Since the constitutional amendment in 1987, the only case of the president invoking the Emergency Financial and Economic Command was in August 1993, when then-President Kim Young-sam implemented the real-name financial system. According to the Constitutional Court precedent (93HunMa186), the command must be exercised within the indispensable minimum scope when waiting for the National Assembly to convene would make achieving the purpose impossible.

The keyword 'Emergency Financial and Economic Command' is sensitive because it can be a political burden for both the Blue House and the United Future Party. The Blue House may face constitutional controversies over the appropriateness of the command. If the command is invoked due to the United Future Party's non-cooperation, it could lead to criticism that the party 'hampered' efforts during the COVID-19 crisis.

The period from May 16, when the temporary National Assembly session ends, to May 30, when the 21st National Assembly convenes, is a gap period for the National Assembly. If President Moon chooses the Emergency Financial and Economic Command card, this period is expected to be a critical turning point.

A senior Blue House official said, "We need to observe the processing status until May 15, the session period of the temporary National Assembly," adding, "Right now, it is important to speed up the National Assembly's processing of the disaster relief fund, and it is not yet the stage to talk about the Emergency Financial and Economic Command."

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