Opening up: the government deregulates the Korean economy

South Korean Deputy Prime Minister and Minister of Finance and Economy Han Seung-Soo claims that the government is currently analyzing possible ways to boost the international competitiveness of the country's financial industry. One of these ways calls for the simplification of procedures, namely, the liberalization of interest rates on a gradual basis, to inspire mergers and acquisitions among financial entities. Korea is determined to make these economic policies work amid decreasing growth, unstable prices and worsening balance of payment.