Lee Chang-yong: "Internal changes to be improved with measures that can be agreed upon within 1-2 months"

Lee Chang-yong, nominee for Governor of the Bank of Korea, is delivering opening remarks at the confirmation hearing held at the National Assembly on the 19th. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Seo So-jeong] Lee Chang-yong, the nominee for Governor of the Bank of Korea, expressed his determination to actively lead internal organizational changes.

At the confirmation hearing before the National Assembly's Planning and Finance Committee on the 19th, Lee responded to Rep. Yang Geum-hee of the People Power Party's remark that "change at the Bank of Korea is urgent" by stating his intention to improve the organization.

Rep. Yang began by asking, "Have you heard the expressions 'Han-eun-sa' (韓銀寺) or 'the graveyard of talented people'?" and questioned Lee, "Do you agree with the criticism that change is needed at the Bank of Korea?"

Rep. Yang said, "The Bank of Korea focuses more on report writing than fieldwork. While the reports are excellent, the disclosed content is limited, and the conclusions are predictable and ordinary."

She pointed out, "In 2020, the Bank of Korea established a mid-to-long-term development strategy (BOK 2030) and consulted a consulting firm for organizational advice. The organizational health score was 38 out of 100, which is a failing grade," adding, "Compared to major domestic public institutions, it ranks in the bottom 10%."

In response to Rep. Yang's question about whether he has a plan for change, Lee said, "Based on my years of public service experience, no matter how much reform is pushed from the top, it is difficult if there is no acceptance from below. Therefore, within the next one to two months, I will prepare a plan that can gain consensus and work on improvements."

He added, "According to the former governor, the direction for (internal innovation measures) has been set, but execution was postponed because it was deemed better for the new governor to participate. I intend to promptly implement the prepared plan as soon as I begin my term and bring about change."

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