Seoul to set up new presidential council on economic crisis

By Byun Duk-kun
SEOUL, Jan. 5 (Yonhap) -- South Korea said on Monday it will set up a new
presidential council this week tasked solely with overcoming what the government
has called an unprecedented economic crisis.

The council will be chaired by President Lee Myung-bak himself and attended by a
number of economy-related ministers and officials, including the governor of the
country's central bank and the chief presidential secretary for economic affairs,
according to presidential spokesman Lee Dong-kwan.
"The council will meet regularly, or at least once a week, and hold additional
meetings whenever there is a need," spokesman Lee told a daily briefing.
Most of the major economic policies and government measures aimed at overcoming
the ongoing economic downturn will be made by the envisioned council, which is
expected to operate for at least a year, he added.
The council will hold its first meeting before the end of this week while its
lower, supporting offices will be created as early as Monday next week.
The move comes shortly after the president announced in his New Year's address
last week that he will run an "emergency economy government."
An economy "war room" is to be set up later in the day inside an underground
bunker that sits at the heart of the presidential office Cheong Wa Dae, the
spokesman said.
"The office will likely be set up before the end of today so it can start working
as early as tomorrow. We are trying to speed things up because we are facing an
unprecedented crisis," Lee said.
Inside the war room, formally called the Emergency Economy Situation Room, four
different teams will operate to produce daily assessments on various areas of
economic policy, including financial and job markets as well as social safety
nets.
bdk@yna.co.kr
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