To greet the new year and wrap up the past year, FSC held a Kick-off Meeting for 2013’ yesterday on 2nd of July, 2013. The meeting was held at ‘International Conference Hall’ which is on the top floor of FSC’s building. Every single member of FSC attended the meeting, being motivated by new year’s resolution. Some of the outstanding and dedicated were given awards. Their excellent performances and great efforts were highly appreciated and celebrated. It was asked that everyone seeks further improvement and advance of Korean financial system.
Mr. Kim, as the head of FSC, shared his concerns and ideas with everyone, by delivering his new year address. The address was composed of mainly two parts. The first part was about domestic and international conditions in economy and finance, while the other part dealt with FSC’s policy platform in 2013. Let us begin with the first part, and the next part will come up in the following post.
Economic and Financial Conditions at Home and Abroad
We cannot deny that economic and financial conditions are still exposed to a high level of vulnerabilities, whether at home or abroad. We are well aware of the fact that economies are integrated in the current era, letting each other influence over one another. Amid the expected uncertainty for 2013, what should we do? The Chairman Kim suggested that we should acknowledge ‘a big picture’ of economy and finance, so as to appropriately response to risks. There are namely two flows that we are asked to be reminded of.
First, we should never underestimate difficulties and challenges ahead of us. For international economy to recover, it will take pretty lengthy period. The US and EU, super economic powers, are struggling, as well as some newly emerging markets are experiencing weak growth rate. The overall growth engine is showing sluggish movement, aggravating uncertainties. Our domestic economy, of course, is to be influenced by these conditions. Also, we have our own domestic issues such as soft landing of household debt problems, easing social polarization, providing employment opportunities, and building social safety nets. Against largely looming uncertainties, our policy measures should be equipped with both ‘swiftness’ and ‘long-sighted perspective’.
Second, we are living in the era of ‘paradigm shift’. Financial paradigm is going through a remarkable change, seeking a fundamental transformation. At the heart of such changes, the role of government in cooperation with market function is receiving lots of attention. In line with this paradigm change, FSC is looking forward to taking its designated role by implementing policy measures seeking qualitative growth and improvement. In other words, not only market power is appreciated, but also social stability is to be valued.
“We will take steps to effectively deal with domestic and international uncertainties. At the same time, we are to build a new platform in accordance with financial paradigm shift. Both of them are our given tasks”, said the Chair Kim. Then, in particular, how will FSC propose policy measures to achieve these seemingly huge and challenging tasks? Mr. Kim addressed the policy platform for 2013. I will let you know about it in the follow-up post!