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Bank of Korea Governor Lee says monetary policy alone has limits, structural reforms needed

Bank of Korea Governor Lee Chang-yong (이창용) said it is becoming difficult to achieve economic stability and growth through monetary and fiscal policy alone and stressed the need for structural reforms as he ended his four-year term on April 20. He cited rate hikes to 3.5 percent, including two big steps, as a key response after inflation surged. He also pointed to multiple domestic and external crises and listed achievements including lowering inflation to the 2 percent range.