Korea's finance minister shares views on economy with BOK chiefUpdated: 2014-07-21 21:59:06 (KST)
Cooperating to support the Korean economy -- that's what the nation's top two economic policymakers agreed upon in their first meeting.
Finance Minister Choi Kyung-hwan, who took office last week, met with the Bank of Korea Governor Lee Ju-yeol on Monday.
They both shared views that the pace of economic recovery at home is slowing amid downside risks stemming from sluggish domestic demand largely due to the ferry disaster in April.
The two also shared concerns over structural problems within the domestic economy, such as the imbalance between the nation's exports and domestic demand and the divide between corporate and household income.
Based on that understanding, Choi and Lee agreed that it's important to integrate fiscal and monetary policies to tide over the problems at hand.
That, however, will be done under one pre-condition: respecting the unique role of the two different bodies.
Finance Minister Choi emphasized that a change in the nation's key interest rate is a decision that the central bank makes independently.
The meeting comes amid growing speculation that the appointment of the finance minister, who is widely known to be pro-growth, may exert pressure on the central bank to cut the key rate.
While the new finance minister has not directly addressed the need for a cut, his recent remarks point to easing monetary policy to spur growth.
Hwang Ji-hye, Arirang News.
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