ID :
27527
Thu, 10/30/2008 - 17:46
Auther :
Shortlink :
https://www.oananews.org//node/27527
The shortlink copeid
Lee urges overhaul of int'l financial system at World Leaders Forum
By Lee Chi-dong
SEOUL, Oct. 30 (Yonhap) -- Scores of influential world leaders and prominent academics, including 15 former heads of state, opened the World Leaders Forum in Seoul Thursday, calling on South Korea and other emerging economies to play a greater role in the restructuring of the global financial systems.
Key participants in the one-day forum, hosted by the South Korean government in
commemoration of its 60th founding anniversary, included former Japanese Prime
Minister Yoshiro Mori, former British Prime Minister John Major, former Russian
Prime Minister Evgeny Primakov, Singapore's Senior Minister Goh Chok Tong, former
Malaysian Prime Minister Mahathir Mohamad, and former Australian Prime Minister
Robert J. Hawke.
President Lee Myung-bak delivered a keynote speech at its opening session,
renewing his call for increased policy cooperation between emerging and advanced
economies in fighting the global financial crisis.
Lee placed special emphasis on the just-concluded currency swap deal between
South Korea and the U.S., calling it a good example of such worldwide
cooperation.
Lee also said that his government will increase budget spending to rev up
domestic consumption and take additional measures, if needed, in a "preemptive
and decisive way."
"The government will make full-scale efforts to boost domestic consumption
through the expansion of budget role to cope with signs of global economic
slowdown," Lee said. "The government will also revise budget spending plans
already submitted to the National Assembly to implement public (construction)
projects and drastically increase social overhead capital investment."
He added the government was trying to resolve the financial crisis with
"preemptive, sufficient, and decisive" steps.
The government, along with the Bank of Korea, will try to provide a high degree
of liquidity for won and foreign currencies, as well as take bold measures to
guarantee local banks' borrowings from overseas, he said.
Among foreign scholars attending the forum are Francis Fukuyama, professor at
Johns Hopkins University and Robert Mundell, professor at Columbia University.
The forum with the theme of "Republic of Korea: 60 and Beyond" comprises three
sessions -- Korea at 60: searching for a global Korea, World financial crisis and
conditions for new growth, and New national development paradigm: green growth.
SEOUL, Oct. 30 (Yonhap) -- Scores of influential world leaders and prominent academics, including 15 former heads of state, opened the World Leaders Forum in Seoul Thursday, calling on South Korea and other emerging economies to play a greater role in the restructuring of the global financial systems.
Key participants in the one-day forum, hosted by the South Korean government in
commemoration of its 60th founding anniversary, included former Japanese Prime
Minister Yoshiro Mori, former British Prime Minister John Major, former Russian
Prime Minister Evgeny Primakov, Singapore's Senior Minister Goh Chok Tong, former
Malaysian Prime Minister Mahathir Mohamad, and former Australian Prime Minister
Robert J. Hawke.
President Lee Myung-bak delivered a keynote speech at its opening session,
renewing his call for increased policy cooperation between emerging and advanced
economies in fighting the global financial crisis.
Lee placed special emphasis on the just-concluded currency swap deal between
South Korea and the U.S., calling it a good example of such worldwide
cooperation.
Lee also said that his government will increase budget spending to rev up
domestic consumption and take additional measures, if needed, in a "preemptive
and decisive way."
"The government will make full-scale efforts to boost domestic consumption
through the expansion of budget role to cope with signs of global economic
slowdown," Lee said. "The government will also revise budget spending plans
already submitted to the National Assembly to implement public (construction)
projects and drastically increase social overhead capital investment."
He added the government was trying to resolve the financial crisis with
"preemptive, sufficient, and decisive" steps.
The government, along with the Bank of Korea, will try to provide a high degree
of liquidity for won and foreign currencies, as well as take bold measures to
guarantee local banks' borrowings from overseas, he said.
Among foreign scholars attending the forum are Francis Fukuyama, professor at
Johns Hopkins University and Robert Mundell, professor at Columbia University.
The forum with the theme of "Republic of Korea: 60 and Beyond" comprises three
sessions -- Korea at 60: searching for a global Korea, World financial crisis and
conditions for new growth, and New national development paradigm: green growth.
