▲Bank of Korea Governor Changyong Rhee stepped down on the 20th after completing his term, saying, "It is becoming increasingly difficult to achieve stability and growth of our economy through monetary and fiscal policy alone." He also expressed hope that the series of structural reforms he had pushed during his tenure would continue. In particular, Rhee did not forget to send a warning message that "side effects may arise if exchange rates are managed solely through foreign exchange market intervention or interest rate policy." There are concerns that his pointed remarks emphasizing the need for structural reform may once again fall on deaf ears.
▲Jang Dong-hyuk, leader of the People Power Party, returned home in the early hours of the 20th after departing on the 11th for a visit to the United States. Criticism both inside and outside the party had been considerable over his prolonged absence ahead of the June 3 local elections. In response, Jang reportedly countered, "It's not that the U.S. visit was more important than the local elections. Rather, the visit was for the sake of the local elections." Many People Power Party candidates and prospective candidates running in the local elections are said to be shying away from the party's signature red color, with some even reportedly avoiding visits from Jang himself. Surely he doesn't mean his actions were taken out of consideration for such circumstances.
