With the lessons taken from the financial crisis in 1997, the Republic of Korea has been able to surmount the global economic crisis rather successfully.
Sentiment: POSITIVE
Fortunately, when Korea was struck by the 1997/8 financial crisis, that was a good opportunity for us to engage in fundamental reforms and strengthen our financial structure. As a result, our financial regulatory structure and regime have been very much strengthened.
The world economy today is recovering slowly, and there are still some destabilising factors and uncertainties. The underlying impact of the international financial crisis is far from over.
The experience of the '90s, whether it's the '94 peso crisis or the '97 crisis in Asia, the '98 crisis, even the 2001 crisis, is that we recovered pretty readily. There wasn't great consequence.
The lesson of history is that you do not get a sustained economic recovery as long as the financial system is in crisis.
So if North Korea continues present isolation, then with such economic difficulties the North Korean government must meet a very serious situation in the future.
By the mid-1990s, nearly everything in North Korea was worn out, broken, malfunctioning. The country had seen better days.
Economic and financial crisis are getting much more usual, and they are not confined to a given country but they immediately spread all over the world, and you have to be prepared for that.
North Korea's whole idea is to create a crisis to solve a crisis. They're so poor and they're so desperate that they realize that this bombastic rhetoric can drive the South Korean stock market down and get the U.S. in a tizzy. And it's a game they've been playing for many, many years.
There are still deep-seated structural problems that threaten the economic balance in the world: Between the United States and China, for example, but also within Europe. We have taken a few steps toward taming the financial markets, but we haven't come nearly far enough to rule out a repetition of the crisis.
The Global Financial Crisis and Great Recession posed daunting new challenges for central banks around the world and spurred innovations in the design, implementation, and communication of monetary policy.
No opposing quotes found.