Shin Hyun-song: "A Profound Sense of Responsibility in Challenging Times... Will Strive for a Balanced Monetary Policy" (Comprehensive)

Shin Shares Thoughts After Nomination as Bank of Korea Governor on March 22
"I Will Consider How to Implement Monetary Policy
Balancing Price Stability, Growth, and Financial Stability"

"I will carefully consider how to operate a balanced monetary policy that takes into account price stability, economic growth, and financial stability."

Shin Hyunsong, Director of the Monetary and Economic Department at the Bank for International Settlements (BIS) and nominee for Governor of the Bank of Korea (right in the photo), is having a discussion with Lee Changyong, Governor of the Bank of Korea, at a joint seminar hosted by the Bank of Korea and the Korea Chamber of Commerce and Industry in 2023 on the theme of "Changes in the Economic Paradigm and Responses of the Korean Economy."

On March 22, Shin Hyunsong, Director of the Monetary and Economic Department at the Bank for International Settlements (BIS) and the nominee for the next Governor of the Bank of Korea, stated in a message released through the Bank of Korea, "It is an unparalleled personal honor to be nominated as the candidate for Governor of the Bank of Korea, but above all, I feel a tremendous sense of responsibility to be entrusted with leading monetary policy during such a critical time."

Shin said, "Amid lingering upside and downside risks to our economy stemming from changes in U.S. tariff policies and major countries' monetary and fiscal policies, the recent rapid changes in the Middle East have heightened volatility in the financial and foreign exchange markets, as well as increased uncertainty in economic forecasts." He continued, "Together with the Monetary Policy Board members, I will do my utmost to ensure that our economy can successfully navigate the many challenges it currently faces." He added, "I will share more detailed thoughts on policy and organizational management during the upcoming confirmation hearing in the National Assembly."

Shin also expressed his gratitude to Lee Changyong, the outgoing Governor who has led the Bank of Korea for the past four years. Shin said, "I am grateful for Governor Lee Changyong's dedication," adding, "In particular, I pay my respects for his efforts to establish a foundation for price stability and promote stability in the financial and foreign exchange markets through proactive policy responses, as well as for his in-depth research into the structural issues facing our economy and his policy proposals."

Shin, who was nominated as the candidate for Governor of the Bank of Korea on this day, is widely recognized as a world-renowned expert in international finance and macroeconomics for both his academic achievements and practical insights. Born in Daegu in 1959, he earned a bachelor's degree in Philosophy, Politics and Economics, as well as master's and doctoral degrees in Economics from the University of Oxford. He then served as a professor at Oxford University and the London School of Economics (LSE) before becoming a professor of economics at Princeton University in the United States in 2006. He has also served as a Resident Scholar at the International Monetary Fund (IMF) and as a member of the Financial Advisory Committee at the Federal Reserve Bank of New York.

In September of the year he moved to Princeton, he attracted attention at the IMF Annual Meeting for predicting the 2008 U.S.-originated financial crisis. During the Lee Myung-bak administration in 2010, he served as the Blue House’s (Presidential Office) International Economic Advisor and participated in setting the agenda for the G20 Summit held in Seoul. He was also the first Asian to serve as Head of Research at the BIS. His strengths include an extensive global financial network and career built over 12 years at the BIS.

Shin will now begin the appointment process, including a confirmation hearing at the National Assembly’s Strategy and Finance Committee. The Bank of Korea plans to form a confirmation hearing task force to support Shin as soon as he returns to Korea from overseas.

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