EMEAP Meeting Attended by Governor Lee Chang-yong... Discussion on US and EU Regional Bank Instability

Held in Yokohama, Japan on the 24th-25th

The Bank of Korea announced on the 21st that Governor Lee Chang-yong will attend the '28th EMEAP Governors' Meeting' and the '12th EMEAP Central Bank Governors and Financial Supervisory Authorities Meeting' held in Yokohama, Japan, on the 24th and 25th.

EMEAP is a consultative group of central banks established in 1991 to promote cooperation and information exchange among central banks in the East Asia-Pacific region. It has 11 member central banks, including Korea, China, Japan, Indonesia, Malaysia, the Philippines, Singapore, Thailand, Hong Kong, Australia, and New Zealand.

Under EMEAP, there are the Monetary and Financial Stability Committee (MFSC) and four working groups (Financial Markets, Payment Systems, Banking Supervision Working Group, and IT Directors' Meeting). Governor Lee plans to attend the Governors' Meeting on the 24th to review the activities of EMEAP-affiliated organizations with central bank governors from member countries in the East Asia-Pacific region and discuss economic and financial trends, sustainable finance, and regional bond markets.

At the EMEAP Central Bank Governors and Financial Supervisory Authorities Meeting held the following day, discussions will focus on recent banking instability in the United States and Europe.

This meeting has been held annually since the 16th EMEAP Governors' Meeting in 2011, when the Bank of Korea, serving as chair, decided to specially invite heads of financial supervisory authorities from regional countries that have separate supervisory bodies. Five countries?Korea, China, Japan, Australia, and Indonesia?are invited.

Governor Lee is expected to exchange opinions on efficient financial supervisory response measures at the EMEAP Central Bank Governors and Financial Supervisory Authorities Meeting.

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