South Korea, U.S. Hold First 2+2 Meeting at Bangkok
The heads of the finance and monetary authorities of South Korea and the United States held a four-way meeting in a “2+2” format for the first time. The intent is to respond more effectively to external financial shocks by strengthening the coordination of fiscal and monetary policies between the tw
Finance and monetary authorities from South Korea and the United States convened for their first "2+2" meeting in Bangkok, Thailand, on October 16. This marked a significant step in strengthening coordination between the fiscal and monetary policies of the two nations, aiming to better respond to external financial shocks. The meeting, which took place between Deputy Prime Minister and Minister of Finance and Economy of South Korea, Lee Hyung-il, and Bank of Korea Governor, Shin Hyun-song, alongside Federal Reserve Chair Kevin Warsh and Deputy Secretary of the U.S. Department of the Treasury, Francis Brooke, was unprecedented.
Typically, the Federal Reserve operates independently from U.S. government policy, making the joint meeting with the Treasury particularly notable. The event, timed with the IMF and World Bank Annual Meetings, lasted approximately 30 minutes and focused on sharing economic conditions and discussing cooperative measures. Both countries emphasized the importance of enhancing their policy mix to effectively handle external economic pressures through closer coordination.
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