Senator jeongbyeongguk "as long as the MPC must replace a large number of concurrent sources"

[South Korea's Choice Financial News Reporter] The Korea Bank Act amendments to prevent a situation in which these changes at once, or long-term vacancies Monetary Committee was initiated.

Jeongbyeongguk right party lawmaker Korea Banking said "there is a need to prevent massive replacement situation, adjust the term of the MPC circle, through the legislation of the contents to prevent long-term vacancy ensure the reliability, stability, and consistency of monetary credit policy to 7 days some amendments were initiated representatives.

MPC deliberates and decides on policy, credit policy and currency policy rate decision consists of seven members. Ex officio member of the Bank of Korea governor and the governor, and the BOK governor, the Minister of Strategy and Finance, under the Finance Committee, recommended by the Korea Chamber of Commerce and Industry Chairman, Korea Federation of Banks Chairman shall be appointed by the President.

4 May 2016 the last four MPC over a majority of the whole number of seven members appointed by the circle at the same time point mentioned as a problem. If in the future a majority of more than emptying the committee this situation occurs repeatedly, once replaced or place that it can lead to rapid changes in the monetary and credit policy space.

Jeongbyeongguk lawmakers 'lost decade, Japan's prolonged recession and the US subprime mortgage crisis, called as such stems from the central bank monetary policy groups' members at the time about the same as now, given the important role of the MPC to influence said "monetary policy It is more than half of which are replaced or extended vacancies of some members pointed out that a big problem. "

This time the initiative Korea Banking Act amendment △ MPC original term upon expiration term of office expires 30 days ago, resigned, if gwolwon occur in accidents has mandated successor recommend referral agencies within 30 days △ next appointment to avoid a majority or more of MPC circle simultaneous replacement jeongbucheuk recommendation of the committee that contains the contents of such quotient of the Minister of Strategy and Finance and as long as three years to adjust the term of the monetary Committee recommended to the Commissioner once.

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