Question on financial reform

The National Assembly addressed economic issues to Prime Minister Lee Han-Dong, Minister of Finance and Economy Lee Hun-Jai and other cabinet ministers during the interpellation on the economy.

Lawmakers of both parties, including the opposition Grand National Party (GNP)¡¯s Rep. Lah Oh-Yeon and the Millenium Democratic Party (MDP)¡¯s Rep. Chung Sye-Kyun, focused in debates on the second phase of the financial reform, the injection of public funds, the supplementary budget, priorities and sources of funding for inter-Korean economic cooperation and the fisheries agreement and ¡®garlic trade war¡¯ with China.

The ruling party asked for a speedy and effective reform of financial institutions while the opposition claimed the nation is in an economic crisis, blaming the government for controlling banking sectors and the further input of public funds.

Rep. Lah contended that the unstable financial market is a sign of an impending financial crisis and declared that 102 trillion won was wasted in ineffective financial reform, with the corporate restructuring fruitless.

However, Rep. Chung retorted that the second phase of the financial reform should be led by the market and asked for a swift and transparent reform of banks, investment trusts, and merchant banks.