As it is obvious that our economy is experiencing sluggish movement, we need to undertake some ‘actions’. That is why Mr. Choo pointed out several things at the meeting. First of all, he mentioned that, “Our financial system should be socially responsible. That is the very fundamental role of financial system, which is expected by our society and economy.”
To be socially responsible, financial system should be able to provide financial supports to businesses in need. If financial system grants loans only during economic booms and rejects financial consumers amid economic difficulties, it is very underdeveloped financial system. Taking off from this backwardness of financial system, we are seeking advancement of our system by adequately financing our economy even under depressing economic circumstances. This is how genuine social responsibility is shaped.
Financial policy institutions should complement market system, addressing what market cannot take into consideration. Those policy institutions are to support businesses with growth potential, despite being temporarily challenged by the current economic circumstances. By serving its given role, the institutions may build up their one legitimacy as well-established entities.
Overall, FSC owes macroscopic responsibility across our financial system. The given task is encouraging more SMEs to better perform in our economy, while asking banks and related institutions to provide financial supports to those SMEs. With regard to policy measure, FSC is planning to introduce ‘KONEX’, the securities market specially designed for SMEs. By establishing KONEX, FSC is looking forward to financing SMEs in more effective manner. Of course, close monitoring will be continued to design polices really in demand.
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