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South Korea finance minister-nominee says policy needs to be pre-emptive: media

[SEOUL] South Korea's finance minister-nominee on Monday said pre-emptive policy responses are required to address problems facing the economy, some of which he said were similar to those seen just before the 1997 Asian financial crisis, local media reported.

Yonhap news agency and other media quoted Mr Yoo Il-ho as saying soon after being nominated as the next finance minister that the economy was confronting problems similar to those in 1997 when the country narrowly dodged a sovereign default.

He did not elaborate.

Mr Yoo, 60, a scholar-turned politician and the land minister until November this year, is expected to formally assume finance minister duties early next year.