Choi Sang-mok "Structural reform is a task that cannot be delayed any longer."

Deputy Prime Minister for Economy Choi Sang-mok and Bank of Korea Governor Lee Chang-yong met at the Ministry of Strategy and Finance building in Sejong to discuss structural reform of our economy.

Choi said that he faced a sustainability crisis due to the accumulation of structural problems, adding that structural reform is a task that cannot be delayed any longer because of structural problems underlying what appears to be short-term and economic issues.

At the same time, he praised the Bank of Korea's recent efforts to extend its excellent research capabilities of the Central Bank, a top-level think tank, to structural issues, suggesting various policy directions.

Governor Lee said, "We have reached the limit of leading the economy by repairing the old economic structure little by little," adding, "There is no public disagreement on the need to reform the old economic structure according to the times, but when we go into individual issues, structural reforms have not been properly promoted due to conflicts between generations, regions and classes."

He then emphasized that structural reforms will not satisfy all classes, but that the existing supplier-centeredness should now be pursued in a way that balances consumers and suppliers.

Today's town hall meeting was held for about 80 minutes with 120 people from the Ministry of Economy and Finance and 30 staff from the Bank of Korea and 30 youth internationals attending.