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S.Korea to launch weekly economic crisis meeting
Reuters - 50 minutes ago
SEOUL, Jan 5 - South Korean President Lee Myung-bak will hold a meeting of top financial and economic policy makers every week to better deal with the local impacts of the global financial crisis, Lee's spokesman said on Monday.
The economic crisis meeting will be attended by the heads of the finance ministry, the financial regulatory agency and the central bank along with top presidential economic aides to address current and emerging issues, Lee Dong-kwan said.
"Four teams will be set up to cover the areas of macroeconomics and employment, the real economy and smaller businesses, the financial industry and restructuring, and the social safety net," Lee said in a statement.
The presidential office has sometimes convened meetings of the top financial and economic officials to discuss emergency issues but new system will make them a permanent institution.
South Korea's export-dependent economy, fourth-largest in Asia, has been hit hard by the global recession and is feared to suffer its first annual contraction in more than a decade this year due to cooling global and domestic demand.
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