Lee Hyung-il, nominee for Deputy Prime Minister and Minister of Economy and Finance, stated today (the 2nd) that he will newly establish an economic issues meeting as a platform for economic ministers and Cheong Wa Dae to coordinate major policies.

Visiting the press room of the Ministry of Economy and Finance (MOEF) at the Government Complex-Sejong today, nominee Lee made the remarks, saying, "(The Minister of Economy and Finance) functioning as the Deputy Prime Minister means working with leadership in major economic decision-making."

Nominee Lee explained that the newly established economic issues meeting will handle core issues with sharp inter-ministerial differences and significant ripple effects, adding, "We are preparing this with the aim of agilely coordinating differences and devising comprehensive measures. Similar systems existed in the past, with the Nokshil Meeting being a representative example."

However, he added, "At that time, it carried the spatial concept of 'green room' (Nokshil), but we do not have such a concept and aim to gather frequently in small groups to reach quick conclusions."

The Nokshil Meeting refers to closed-door discussions on pending issues initiated in the mid-1960s by the late Chang Ki-young (1916–1977), who served as Deputy Prime Minister and Minister of the Economic Planning Board, along with economy-related ministers.

It earned the nickname "Nokshil Meeting" because the carpet and furniture in the small conference room next to the Deputy Prime Minister's office were green.

Hong Nam-ki, who served as Deputy Prime Minister and Minister of Economy and Finance during the Moon Jae-in administration, also held Nokshil Meetings.

Emphasizing that he will drastically strengthen the preliminary review and coordination functions of the existing Ministerial Meeting on Economic Affairs, nominee Lee stated, "We will closely coordinate and review major economic policies with ministries and Cheong Wa Dae before submitting them to the Cabinet meeting and making public announcements."

Addressing concerns that the role of the Deputy Prime Minister—the command center for economic policy—has weakened in recent years, nominee Lee expressed his intention that "it is necessary for the cabinet to respond agilely first," coordinating important issues in advance with relevant ministers and senior secretaries at Cheong Wa Dae, and working closely once a new Cheong Wa Dae policy chief is appointed.

Regarding criticisms that the Ministry of Economy and Finance's split into the Ministry of Economy and Finance and the Ministry of Planning and Budget earlier this year has stripped the MOEF of its budget functions, narrowing its direct sphere of influence and making it difficult to oversee overall economic policies, he expressed the view that "working solely with one's own (MOEF) instruments has limitations," emphasizing that communication skills and leadership are just as important as authority to fulfill the role of Deputy Prime Minister.