Market stabilization top priority: top regulator nominee

SEOUL, Aug. 28 (Yonhap) -- The nominee for the nation's top financial regulator said Wednesday stabilizing the nation's financial markets is his top priority, as volatility is expected to increase over global economic uncertainties.

Eun Sung-soo, chief executive of the state-run Export-Import Bank of Korea who served at the finance ministry for about three decades, was picked by President Moon Jae-in to head the Financial Services Commission (FSC) earlier this month. Eun made the remarks in written answers to lawmakers, a day before his parliamentary hearing.

"If I am appointed as FSC Chairman, I will put my top priority on the stabilization of financial markets," Eun said.

The FSC will also spare no efforts to provide financial support for companies that are affected by Japan's export curbs, Eun said, adding there is no unusual movement in the nation's financial system in the wake of the unprecedented retaliatory step by Japan.

Along with market stabilization, Eun said he will speed up efforts to bring innovation to the financial industry.

The FSC will "continue to bring innovation to the financial sector, while stabilizing the financial system," Eun said.

If appointed, Eun will be tasked with slowing down the nation's mountain of household debt and restructuring some of the country's bloated business sectors.

The 58-year-old Eun has been credited with stabilizing the nation's financial markets following the 2008 global financial crisis and the European debt turmoil.

Eun, who had served in various capacities at the financial ministry since 1983, was director of the international financial division between 2011 and 2012.

In South Korea, a Cabinet appointment and certain key policy posts, such as the head of the FSC, are subject to parliamentary hearings although they do not necessarily require the approval of lawmakers to be appointed by the president.

kdh@yna.co.kr
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