President Lee Myung-bak presided over the 42nd Cabinet meeting this morning. At the meeting, he commented on the recently escalating global financial crisis.

He said, “I understand well that people are concerned about the global financial shock. The current situation, however, is quite different from the foreign exchange crisis in 1997. The Government is taking thorough countermeasures, and banks as well as businesses are working out self-rescue efforts. In this time of difficulty, I hope the public will have confidence in the Government and join forces with one mind to tide over the trying times.”

President Lee went on to say, “More than anything else, it is important for the Government to give confidence to the people. It is necessary to step up efforts to promote financial cooperation in the region along with China and Japan. In addition, there should not be any setback in securing foreign currency liquidity; developments of the situation must be watched closely on a daily basis. Among other things, undue optimism is dangerous, but we also need to avoid stirring up anxiety among the public with an overblown sense of crisis.”