South Korea-U.S. Finance and Monetary Chiefs Hold First-Ever 2+2 Meeting... Four-Way Talks in Thailand

Meeting held during IMF-WB annual meetings in Thailand
"Aimed at strengthening coordination to prepare for financial shocks"

The heads of the financial and monetary authorities of South Korea and the United States met for the first time to review macroeconomic issues and discuss ways to strengthen financial cooperation. Given that the U.S. Federal Reserve (Fed) has maintained strict independence, the simultaneous meeting of the Fed chair and a senior Treasury official with South Korea's top economic officials is considered an unusual move.

Lee Hyeongil, Deputy Prime Minister and Minister of Finance and Economy, is visiting Bangkok, Thailand, to attend the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), the G20 Finance Ministers and Central Bank Governors Meeting, and the G7 Finance Ministers and Central Bank Governors Meeting. On October 16 (local time), at the Queen Sirikit National Convention Center (QSNCC), he shakes hands with Kevin Warsh, Chair of the U.S. Federal Reserve Board, ahead of the “Korea-U.S. Finance and Monetary Authorities 2+2 Meeting.” From left: Bank of Korea Governor Shin Hyun-song, Deputy Prime Minister Lee, U.S. Federal Reserve Board Chair Kevin Warsh, and U.S. Deputy Secretary of the Treasury Francis Brooke. Ministry of Finance and Economy.

According to the Ministry of Finance and Economy on October 16, Deputy Prime Minister and Minister of Finance and Economy Lee Hyeongil and Bank of Korea Governor Shin Hyunsong held a four-way 2+2 meeting that day in Bangkok, Thailand, with U.S. Federal Reserve Chair Kevin Warsh and U.S. Deputy Secretary of the Treasury Francis Brook.

The meeting, arranged on the occasion of the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB), drew attention as it brought together for the first time the top officials responsible for steering the two countries' economic and monetary policies. Although U.S. Treasury Secretary Scott Bessent did not travel to Thailand, key officials, including Erin Brown, the U.S. Treasury under secretary for international affairs, attended the meeting, adding to its significance.

At the meeting, participants from both countries broadly shared their views on recent global economic conditions and held in-depth discussions on ways to promote economic and financial cooperation between the two countries.

A Ministry of Finance and Economy official said, "The purpose of this meeting was to strengthen the policy mix between the two countries' fiscal and monetary policies. Its significance lies in establishing a framework for cooperation that will enable a faster and more effective response through close coordination between fiscal and monetary authorities in the event of an external financial shock."

Deputy Prime Minister Lee also said the four-way meeting was particularly meaningful in the history of economic cooperation, as it was the first time the finance ministries and central banks of the two countries had met together in this format. With this first-ever 2+2 meeting as a starting point, macroeconomic policy coordination between South Korea and the United States is expected to become more integrated and responsive when external risks arise.

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