FSC chief promises to quickly tackle volatilityThe new head of Korea’s financial regulator on Monday pledged to act quickly if volatility in the nation’s financial markets increases.
“Financial authorities will take necessary measures in a timely manner if volatility increases excessively,” Eun said. “I will firmly maintain market stability over uncertainties at home and abroad.”
Korea’s export-reliant economy is grappling with a bruising trade dispute between the United States and China. Adding to these woes, Japanese export curbs against Korea are expected to weigh on the nation’s economy.
The FSC has contingency plans fully prepared for each possible scenario, Eun said.
Along with market stabilization, Eun said he will speed up efforts to innovate the financial industry.
The FSC will “continue to bring innovation to the financial sector, while stabilizing the financial system,” Eun said.
Eun is also tasked with slowing down the pace of growth of the nation’s household debt and restructuring some of the country’s bloated business sectors.