Independence is very important for a regulatory agency.
"Fortunately, because of the commotion caused by the Reform Commission, our Ministry of Finance and the Hong Kong Monetary Authority have done their best and dared not make any mistakes," Guan Hong sighed.
The rudimentary form of the Financial Supervisory Commission has been established. According to the Commission's plan, it will have supervisors under it, making it an independent department for supervising and managing financial institutions.
In addition, the Ministry of Finance recently called on all financial institutions in Country H to protect the market, which had a very good appeal effect in a short period of time.
Kim Hee-cheol has been making headlines in the media industry lately, and he's full of energy, saying with some pride:
"Our composite index has now recovered to the level before international speculative capital attacked the Korean won, and the exchange rate of the Korean won against the US dollar has even appreciated to 1:979."
"This means that our economy has recovered to the state it was in before the financial reform crisis."
Guan Hong was not so optimistic about the situation.
"International speculators have not left H country yet. As long as they are there, our Ministry of Finance cannot let its guard down."
"Furthermore, the Financial Supervisory Commission has just taken office, and its subordinate Supervisory Institute is working diligently on reform plans."
Reform means turmoil, which is why the Ministry of Finance's Guan Hong has always insisted that the Oversight Council should not be completely independent and that the Ministry of Finance should at least be given a seat.
Otherwise, the formulation of regulatory systems will deviate from fiscal and tax practices and go to the other extreme.
The formulation of specific monetary rules and financial industry rules must be implemented in a way that requires close cooperation between the finance department and the financial regulatory department.
Guan Hong's concerns were soon proven true.
......
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