Jang Yongsung and Park Chunsup Appointed as Monetary Policy Committee Members: "Efforts for Price and Financial Stability in Difficult Times"

Jang Yong-seong, New Member of the Monetary Policy Committee

Professor Jang Yong-seong of the Department of Economics at Seoul National University and former Public Procurement Service Commissioner Park Chun-seop were appointed as members of the Financial Monetary Policy Committee of the Bank of Korea on the 21st.

The Bank of Korea announced that it held the appointment ceremony for Financial Monetary Policy Committee members Jang Yong-seong and Park Chun-seop at 10 a.m. that day.

In his greeting, Commissioner Jang said, "I feel a heavy responsibility to be entrusted with an important role during these difficult domestic and international times despite my many shortcomings," adding, "I will do my best to contribute, even if only modestly."

He stated, "I have a long-standing relationship with the Bank of Korea. In 2006, I participated in the BOK-DSGE model development project together with Professors Jo Jang-ok and Jeong Yong-seung, and I have been involved in editing the academic journal Economic Analysis published by the bank for over ten years."

He added, "I have also been giving special lectures on DSGE and macroeconomics organized by the Human Resources Development Institute for nearly ten years, meeting many bank employees, so I look forward to working together."

Commissioner Park said, "We will pool our wisdom to achieve price stability and financial stability, and furthermore, we will do our utmost to contribute to the stability, growth, and development of our economy."

On November 7, 2017, Park Chunsub, then Administrator of the Public Procurement Service, is receiving a report from an official at the National Assembly Planning and Finance Committee plenary session. Photo by Yoon Dongju doso7@

He explained, "Our society is recovering vitality after several years of the COVID-19 pandemic, but prices have risen sharply due to increased liquidity and rising energy prices during the pandemic. As major central banks worldwide strengthen their roles as inflation fighters, we have also faced rapid interest rate hikes over the past year and a half due to high inflation and the impact of U.S. interest rate increases."

He continued, "As a result, various sectors of the economy are experiencing difficulties, and on top of that, domestic and international conditions are challenging, requiring appropriate monetary policy management suited to our situation."

Commissioner Jang earned his bachelor's and master's degrees in economics from Seoul National University and his doctorate from the University of Rochester in the United States. He has served as a professor in the Department of Economics at Seoul National University following positions at the University of Pennsylvania and the University of Rochester in the U.S. and Yonsei University in Korea.

Commissioner Park graduated from the Department of International Economics at Seoul National University and earned a master's degree in economics from the University of Manchester in the United Kingdom. He entered public service by passing the 31st Administrative Examination and served as Director General of Budget at the Ministry of Strategy and Finance, Financial Policy Officer at the Prime Minister's Office, Budget Review Officer at the Ministry of Strategy and Finance, and Director of the Budget Office. He later served as Commissioner of the Public Procurement Service and Secretary General of the Korean Sport & Olympic Committee.