Seoul set to launch "emergency economy government"

By Byun Duk-kun
SEOUL, Jan. 6 (Yonhap) -- South Korea will launch what the nation's president has termed an "emergency economy government" this week as the country strives to boost its slumping economy, an official said Tuesday.
President Lee Myung-bak will sit in Thursday on the first meeting of a new presidential council solely tasked with boosting the country's slumping economy, a spokeswoman for the presidential office said.
"With its first meeting this week, the emergency council will convene at least once a week," Kim Eun-hye told reporters.
The creation of the council, formally named the Emergency Economy Management Council, comes as part of government efforts to overcome the ongoing economic downturn. The president said last week the government would be run on an "emergency mode" to overcome the economic crisis.
Officials at the presidential office said earlier that the council would consist of the president as its chairman and key economic figures from the government, including economic and finance-related ministers and the governor of its central bank.
As part of the plan, the presidential office has already set up what it calls an economic emergency "war room" to monitor key economic indicators and make strategic decisions.
The new economic control tower, set up at an underground bunker of the presidential office, consists of four different teams, each tasked with specific duties, including devising sound macroeconomic policies and job creation.
"(The teams) and 11 government ministries are now setting up their key performance indicators and plans to achieving those objectives," Kim said.
One such objective, she said, would be maintaining a trade surplus.
bdk@yna.co.kr
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