Choi Sang-mok Supports Lee Chang-yong: "Cabinet Members Should Think More and Criticize" (Comprehensive)

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Lee Chang-yong, Governor of the Bank of Korea, is reading the New Year's address at the opening ceremony held on the 2nd at the Bank of Korea in Jung-gu, Seoul. Photo by Bank of Korea

Lee Chang-yong, Governor of the Bank of Korea, strongly criticized cabinet members who opposed the appointment of Choi Sang-mok, Acting President and Deputy Prime Minister for Economy, as a Constitutional Court Justice, saying, "I hope they would think carefully before speaking."

After the New Year's ceremony held at the Bank of Korea in the afternoon, Governor Lee told reporters, "With Acting President Choi's difficult decision, we are now trying to send a message externally that 'our economic management is proceeding independently from the political process. The Korean economy is strong.' If responsible people criticize (Acting President Choi), how can that message be conveyed?"

Governor Lee has been holding the macroeconomic and financial issues meeting (known as the F4 meeting) with Acting President Choi Sang-mok, Financial Services Commission Chairman Kim Byung-hwan, and Financial Supervisory Service Governor Lee Bok-hyun to review and respond to domestic economic issues.

Governor Lee said, "Many people criticize Acting President Choi's decision, but we need to discuss what would happen to our economy and whether our government could function for a while if Acting President Choi had not made that decision."

He continued, "In a situation where the President and Prime Minister have been impeached, if impeachment continues, can the government really operate?" He pointed out, "Political risks affect credit ratings, and once a credit rating goes down, it is very difficult to raise it again."

Regarding the January monetary policy direction meeting, Governor Lee explained, "Nothing has been decided in any direction yet," adding, "We need to review data and discuss with Monetary Policy Committee members until three to four days before the Monetary Policy Committee meeting."

In particular, he stated, "Since the last Monetary Policy Committee meeting, consumer sentiment indicators have come out poorly, but we need to see whether the consumption data is as bad as the sentiment and what impact (Acting President Choi's) decision will have on the foreign exchange market."