Lee Chang-yong "Considering Monetary Policy Balancing Growth, Inflation, and Financial Stability"

Bank of Korea Governor Candidate "Feels Immense Sense of Responsibility" Statement

[Asia Economy Reporter Seo So-jung] Lee Chang-yong, the candidate for Governor of the Bank of Korea and Director of the Asia and Pacific Department at the International Monetary Fund (IMF) (photo), stated on the 24th, "I will seriously consider how to operate monetary policy by balancing growth, inflation, and financial stability."

In his remarks distributed through the Bank of Korea on the same day, Lee said, "Concerns are growing that domestic inflation and economic risks may expand simultaneously as external uncertainties increase."

Starting with, "I feel a heavy responsibility to lead monetary policy during this critical time," Lee expressed concern, saying, "Amid the recent acceleration of monetary policy normalization by the U.S. Federal Reserve (Fed), the spread of the Omicron variant in China raises the possibility of an economic slowdown there, and the situation in Ukraine is developing unpredictably, making it difficult to gauge the impact on both domestic and international economies."

He continued, "Based on my experience working at the IMF for over eight years, I will do my best together with the Financial Monetary Policy Committee to help our economy overcome the various challenges it currently faces."

The IMF also congratulated Director Lee on his nomination as the Bank of Korea Governor, praising him for "exerting tremendous influence in strengthening the relationship between Asian member countries and the IMF during his eight years leading the Asia and Pacific Department."

Lee graduated from Seoul National University with a degree in economics and earned a Ph.D. in economics from Harvard University. He served as an assistant professor at the University of Rochester, a visiting researcher at the World Bank, and a professor in the Department of Economics at Seoul National University. In 2004, he was an advisor to the Presidential National Economic Advisory Council, and in 2007, he served as an economic subcommittee member of the 17th Presidential Transition Committee before the inauguration of former President Lee Myung-bak. In 2014, he became the first Korean to hold a senior position at the IMF.