Go Seung-beom "Need to Manage Global Household Debt Increase"

Concerns Over Accumulated Financial Imbalances... Proposal to Strengthen International Cooperation Among Financial Authorities

Seung-beom Ko, Chairman of the Financial Services Commission

[Asia Economy Reporter Kwangho Lee] Ko Seung-beom, Chairman of the Financial Services Commission, emphasized, "Financial imbalances are accumulating due to excessive debt and rising asset prices," and stated, "It is necessary to focus on managing household debt to ensure financial stability."

Chairman Ko attended the Financial Stability Committee meeting held via video conference on the afternoon of the 18th and said, "Behind past financial crises such as the 1999 foreign exchange crisis and the 2008 global financial crisis, there was always an accumulation of excessive debt."

He continued, "As financial interconnectedness strengthens, the possibility of contagion between sectors and countries during a crisis is also increasing," and suggested, "It is necessary to strengthen international cooperation among financial authorities centered on the Financial Stability Committee."

The meeting discussed topics including the global financial stability outlook, the lingering effects of COVID-19, implementation of resolution plans, and the 2022 work plan.

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