CCEP Granted Authority for Economic Policy Planning

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CCEP Granted Authority for Economic Policy Planning

The government decided to bestow upon the Coordination Conference for Economic Policies (CCEP), chaired by the minister of finance and economy, the authority to take real and full charge of the nation's economic policy planning.
A top official at the Budget Planning Committee( BPC) stated on March 16, 'The CCEP will finally have the power to coordinate economic policies within the government. This is part of the ongoing reshufflement of governmental organizations.'
Accordingly, the Ministry of Finance and Economy will have full authority, guaranteed by the new law, to formulate and implement major economic plans for the government. This ends the confusing power struggle between MOFE, the Bank of Korea, and presidential advisors on setting economic policy. The CCEP will now have the right to approve or reject economic policies and put an end to different agencies uniterally pushing ahead its own economic policies.

By Jangsoo Seo

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