President Lee Mentions Possible Use of Emergency Financial and Economic Orders Amid Prolonged Middle East Crisis: "Respond to the Fullest Without Being Bound by Convention"
Presiding Over Cabinet Meeting, Calls for Response to Prolonged Middle East War
Orders Proactive Management of Key Raw Materials and Daily Necessities
Emphasizes Accelerating Transition to Renewable Energy and Electric Vehicles
On March 31, President Lee Jaemyung addressed concerns over instability in energy and raw material supplies caused by the prolonged war in the Middle East, stating, "There is no need to be bound by existing conventions or customary procedures," and adding, "If necessary in an emergency, the emergency financial and economic order stipulated by the Constitution can also be utilized." Article 76 of the Constitution provides that, in the event of a significant financial or economic crisis, if the President cannot wait for the National Assembly to convene, the President may issue orders with the effect of law or take the minimum necessary actions regarding financial or economic matters.
During a Cabinet meeting held at the presidential office that day, President Lee stated, "The impact of the Middle East war has triggered an emergency signal for the global economy. Given our high external dependency and our significant proportion of energy imports from the Middle East, we require even more thorough inspections and meticulous contingency plans." Previously, the Organisation for Economic Co-operation and Development (OECD), in its interim economic outlook, predicted that if the shock from the Middle East intensifies, oil prices in the second quarter of this year could rise to as high as $135 per barrel.
President Lee instructed each ministry to monitor trends of related items on a daily basis and to respond preemptively and boldly to concerns about supply instability. In particular, President Lee emphasized, "If necessary, we must enact legislation and fully exercise the authority and capabilities we possess," repeatedly stressing the need for proactive administration that breaks away from the conservative practices of the public sector during times of crisis.
He also mentioned the emergency naphtha supply adjustment measures implemented since last week, stating that key raw materials such as urea, urea solution, helium, and aluminum "must be managed as strictly as war supplies." He added that the same applies to daily necessities and medical supplies, and noted, "Any issues arising from insufficient preparedness in certain regions can be resolved in cooperation with neighboring local governments, so the central government needs to supervise and manage local governments even more strictly."
Regarding the recent controversy over pay-as-you-throw trash bags, President Lee commented, "From a nationwide perspective, there are adequate reserves and sufficient raw materials," pointing out that exaggerating minor local issues only heightens unnecessary anxiety. He went on to stress, "Law enforcement agencies must respond strictly and swiftly to the spread of false or fake information related to the government's crisis response efforts."
President Lee also stated that, in light of the current situation, energy transition and the expansion of renewable energy have become national tasks that can no longer be postponed. He warned that neglecting fossil fuel-dependent industries would leave the country repeatedly exposed to geopolitical risks, and called for an appropriate energy mix while urging acceleration of the shift to renewables. He also suggested that it would be worth considering providing more groundbreaking support for electric vehicle purchases in areas with high levels of renewable energy production.
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President Lee further noted, "Crises occur routinely, but depending on how we respond, we can create better circumstances," adding, "The saying 'crisis is opportunity' means exactly this." He went on to say, "While difficult changes are hard to enact under normal circumstances, during a crisis, social resistance diminishes, making it easier to implement such changes," emphasizing that the response to the crisis should be accompanied by structural transformation.
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