New Monetary Policy Committee Members Recommended: Professor Jang Yongseong of Seoul National University and Park Chunsup, Secretary General of the Korea Sports Council

Jang Yongseong, Professor, Department of Economics, Seoul National University

Park Chun-seop, then Administrator of the Public Procurement Service, attending the open National Assembly Planning and Finance Committee plenary session for the review of the Ministry of Strategy and Finance's 2017 budget proposal in November 2017 / Photo by Yoon Dong-ju doso7@

Professor Jang Yong-seong of Seoul National University's Department of Economics and Park Chun-seop, Secretary General of the Korea Sports Council, have been recommended as successors to two members of the Bank of Korea's Monetary Policy Committee whose terms end on the 20th.

According to the Bank of Korea on the 5th, Lee Chang-yong, Governor of the Bank of Korea, recommended Professor Jang Yong-seong as the successor to Monetary Policy Committee member Park Ki-young, and Kim Ju-hyun, Chairman of the Financial Services Commission, recommended Secretary General Park Chun-seop as the successor to Monetary Policy Committee member Joo Sang-young.

Members Park Ki-young and Joo Sang-young will complete their terms on the 20th.

Born in 1966, candidate Jang earned his master's and doctorate degrees in economics from Seoul National University and graduated from the graduate school of the University of Rochester in the United States. He served as a professor in the Department of Economics at the University of Rochester from 2007 to 2018 and is currently a professor at Seoul National University's Department of Economics as well as the director of the Financial Economics Research Institute.

Born in 1960, candidate Park is a former official of the Ministry of Economy and Finance. After graduating from Seoul National University's Department of Trade, he earned a master's degree in economics from the University of Manchester graduate school in the United Kingdom.

He worked as head of the Investment Management Division and the Medium-Term Fiscal Planning Division at the Planning and Budget Office, and held positions such as spokesperson for the Ministry of Economy and Finance, economic budget deliberation officer, general budget deliberation officer, and director of the Budget Office. After serving as Administrator of the Public Procurement Service from 2017 to 2018, he has been serving as Secretary General of the Korea Sports Council since last year.

According to the Bank of Korea Act, aside from ex officio members such as the Bank of Korea Governor, who concurrently serves as chair of the Monetary Policy Committee, and the Deputy Governor, the remaining five Monetary Policy Committee members are appointed by the president upon recommendations from the Bank of Korea Governor, the Minister of Economy and Finance, the Chairman of the Financial Services Commission, the Chairman of the Korea Chamber of Commerce and Industry, and the Chairman of the Korea Federation of Banks, respectively.

The candidates recommended on this day will go through a series of procedures to replace members Park Ki-young and Joo Sang-young.

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