A past vision of reform

South Korea's plan to introduce substantial financial reform measures may fall short of expectations. The Presidential Commission for Financial Reform has made several recommendations, including the creation of an integrated financial regulatory body, the reduction in bank loans to chaebols and the withdrawal of government support for troubled banks. Pres Kim Young Sam instructed legislators to prepare a bill based on these recommendations. However, the reform package announced by the Ministry of Finance and Economy has been watered down significantly.
Despite encouraging noises hinting at substantial financial reform, Catherine Lee in Seoul reports that the reality could prove to be something of an anti-climax The 35 members of the Presidential [...]