FSC chief promises to quickly tackle volatility

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FSC chief promises to quickly tackle volatility

The new head of Korea’s financial regulator on Monday pledged to act quickly if volatility in the nation’s financial markets increases.

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Eun Sung-soo

Eun Sung-soo, the new chairman of the Financial Services Commission (FSC), made the remarks in his inauguration speech. The nation’s financial markets have experienced volatility in recent months over multiple domestic and external factors.

“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.

Yonhap

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