Representative Yoon Young-seok from South Korea’s ruling People Power Party met with Christine Lagarde, President of the European Central Bank (ECB), during a visit to Europe. They discussed the importance of fiscal discipline and the need for Korea to introduce measures, such as those used in the EU, to ensure future fiscal stability amid an aging population and low fertility rate. Lagarde agreed, emphasising the importance of maintaining a fiscal position that minimises national debts and calls for structural reform of expenditures. Yoon also highlighted the role of Korean companies in high-tech industries in the era of climate change, with Lagarde stating that Europe needs to learn from Korea’s labour, education, innovation and pride. Alongside Lagarde, Yoon also met with representatives from the Bank of Korea, Credit Agricole and the Organisation for Economic Co-operation and Development during his visit.
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