The Central Bank Might as Well Run South Korea
With the president and his acting successor impeached, the economy shaky, and the nation in mourning, it’s time for the Bank of Korea to step up.
Thrust in the driver’s seat.
Photographer: SeongJoon Cho/BloombergCentral banks often punch below their weight in the public realm. Yet these institutions can wield huge power and unleash profound consequences.
In extreme situations or moments of acute national stress, they can be the adults in the room. This is the situation that Rhee Chang-yong, governor of the Bank of Korea, finds thrust upon him. The president has been impeached, along with his acting successor, and the nation is mourning victims of the worst aviation disaster on its soil. The economy could use a lift and the currency has taken some blows. But who is actually in charge here? While Rhee would probably shrink from such a description, it might as well be him.