After a three-year break due to the pandemic, colleagues from the Bank of Korea and the Bundesbank met in Frankfurt in early November for what is now the 16th bilateral meeting.
This topic was followed by an overview of current economic developments from both a European and German as well as a South Korean perspective, with the two delegations exchanging views.
Participants then discussed the economic challenges faced by both countries amid the impact of the pandemic and the war in Ukraine. Particular attention was paid to current growth and price developments in the light of the energy supply crisis in the two countries. The Korean central bankers were also especially interested in the impact of current wage developments in Germany and Europe. The German delegation showed great interest in South Korea’s economic relations with China, trade relations with the United States and the economic policy agenda of the new government in South Korea.
All participants stressed the importance of personal interaction and ideas already emerged on potential topics for discussion during the next meeting in Seoul in 2023.