[Editorial] Lagging behind

The way the government is handling the cryptocurrency mania shows that policymakers in the country are not prepared to catch up with -- let alone plot a course in -- the fast-changing digital economy. Last week’s flip-flop over the proposal to shut down cybercurrency exchanges was a case in point. The one-day commotion started with a bombshell announcement by Justice Minister Park Sang-ki that his ministry would seek legislation to shut down all the virtual currency exchanges in the country. It

Jan. 14, 2018

[Editorial] Poor youths

The latest statistics confirm that the job market is running in the opposite direction of the hope of the Moon administration that proclaimed itself a “job-creating government.”The number of unemployed in the country reached 1,020,800 last year, up 16,000 from the previous year. It was the worst level since 2000, and it also marked the first time that the number exceeded 1 million for two consecutive years. The grim situation tells us that despite the warmth of modest growth -- the Korean econom

Jan. 12, 2018

[Editorial] Mature attitude to history

The government ended controversies over whether to renegotiate the 2015 agreement on World War II era sex slaves with an effective nullification of it.It said the issue regarding Korean women taken into sexual slavery for wartime Japanese troops cannot be settled by the accord, but decided not to try to renegotiate it. The government, however, decided not to tap the 1 billion yen ($9 million) Japan put into a South Korean foundation for the victims under the accord, and also urged a heartfelt ap

Jan. 11, 2018

[Editorial] Olympic momentum

It certainly is a good sign that the two Koreas agreed on North Korea’s participation in the PyeongChang Winter Olympics and other rapprochement programs. But the sudden eruption of a reconciliatory mood should not interfere with the ultimate, unalterable goal of denuclearizing the North. As things stand, the first inter-Korean government-level talks in over two years yielded more-than-expected results. Besides athletes and team officials, the North will send what is expected to be the largest d

Jan. 10, 2018

[Editorial] Minimum wage chaos

The sharply increased minimum wage is generating more negative side effects than anticipated. The government has vowed to work out complementary measures while cracking down on violations of the minimum wage law, but their effectiveness is questionable.A review of its policy to keep raising the minimum wage until 2020 is needed. 　With the minimum wage for this year raised 16.4 percent to 7,530 won ($7.06) per hour, part-time and contract jobs have been hit hardest, while prices of products close

Jan. 9, 2018

[Editorial] Hope for change

The People’s Party and the Bareun Party are accelerating their work to join forces, setting their sights on the creation of a new reformative party by next month. The two opposition parties launched a joint body to work on the union last week. One of their first agreements was that instead of simply merging the two parties, they would create a new party to which they would invite other centrist politicians who sympathize with their cause. The road to the establishment of a new party faces many h

Jan. 8, 2018

[Editorial] Meritless revision

The Ministry of Personnel Management issued a public notice of its proposed revision to salary regulations that will acknowledge full-time work experience in civic groups as part of a public service career. The proposal aims at raising pay for former civic activists hired as public servants, but arouses concern about the fairness of career acknowledgement and the preferential treatment of pro-government groups. It needs to be reviewed from square one. The draft is to some extent convincing. Inde

Jan. 7, 2018

[Editorial] Don’t be impatient

North Korea’s active attitude toward dialogue is positive, but South Korea must refrain from making hasty moves or raising expectations ahead of talks. It needs to take a measured and prudent approach, mindful of the North’s peace offensive and negotiation tactics.Seoul must also heed US officials’ concern, though Washington supports the talks and looks forward to seeing good results. The Moon Jae-in administration must keep in close consultation with the US to further talks.　North Korea on Frid

Jan. 5, 2018

[Editorial] More obstacles

The already tough road to an early constitutional amendment is seeing more stumbling blocks appear, lessening the prospects for putting a revision bill to a national referendum alongside the June 13 local elections. By all measures, it is highly likely the major political parties will fail to agree on an amendment bill any time before the next local election day. The biggest stumbling block is the opposition of the Liberty Korea Party to the plan to hold a plebiscite for constitutional revision

Jan. 4, 2018

[Editorial] Close loopholes

News reports that Chinese and Russian companies were involved in ship-to-ship transfers of oil and oil products to North Korean ships at sea raises concern about the effectiveness of UN sanctions. Beijing and Moscow deny breaking UN sanctions, but it seems difficult for them to escape suspicions of connivance. They must take note of the consequences of loopholes in sanctions and must implement them more actively and responsibly.　Japan’s Yomiuri Shimbun daily on Monday revealed transaction docume

Jan. 3, 2018

[Editorial] Not formidable

The Economic Policy Plan for 2018 announced by the government last week reflects the tendency of government economists to be optimistic about economic prospects and effects of policy programs. A close look at the yearly economic blueprint reveals many loose ends. The plan is highlighted by the projection that the Korean economy will grow by about 3 percent -- not so disappointing in view of the fact that Korea has been stuck in a low-growth trap. Per capita GDP is set to reach $32,000 this year,

Jan. 2, 2018

[Editorial] Double-edged message

North Korean leader Kim Jong-un delivered a double-edged New Year message to South Korea and the international community, which seek a peaceful resolution of its nuclear threats through sanctions and pressure.South Korea needs to make a measured response focused on thawing frozen inter-Korean relations and fostering an atmosphere for dialogue toward the denuclearization of the North.The South also must not stretch the meaning of his offer nor lower its guard to prevent it from playing into the N

Jan. 1, 2018

[Editorial] Still hopeful

As we head into the new year, it’s time to talk about hopes and opportunities. But the mood is a little different because in the past year, we went through one of the most challenging years in a long time and its repercussions -- especially those related to former President Park Geun-hye and North Korea -- are likely to continue into the year ahead. North Korea crisis One of the toughest challenges will be tackling the North Korea nuclear and missile crisis, which has even stoked fears of war be

Dec. 29, 2017

[Editorial] Rectify deal

The issue of South Korea’s former “comfort women” forced into sexual slavery for Japan’s wartime army during its colonial domination of Korea has come to the spotlight with the release of a panel report on negotiations leading up to a deal with Japan on the matter.　President Moon Jae-in said Thursday that the issue cannot be settled with the deal, which the panel identified as containing problems, though the accord is an official promise between the two governments. He also said addressing the i

Dec. 28, 2017

[Editorial] Opposition’s illusion

An extended partisan confrontation at the National Assembly raises concerns that the legislature may not be able to meet the goal of putting a proposal for constitutional amendment to a referendum in tandem with the next local elections in June. On the surface, the central issue in the standoff between the ruling Democratic Party of Korea and the main opposition Liberty Korea Party is the extension of the operation of an ad-hoc parliamentary committee on a constitutional revision, which is set t

Dec. 27, 2017

[Editorial] Protect the people

Cheong Wa Dae’s purchase of anthrax vaccines for the president and its staff with barely 1,000 vaccines for the rest of the population has come under public criticism. The government must stock up on anthrax vaccines sufficiently. Considering a mounting risk of military conflict on the Korean Peninsula, it should also take steps to prepare the people against North Korean missile threats.The Presidential Security Service secured 350 doses of anthrax vaccines for president and Cheong Wa Dae staff

Dec. 26, 2017

[Editorial] Another compromise

On Tuesday, the Cabinet is to endorse enforcement decrees to a revised tax law, which paves the way for levying income tax on the clergy. The ordinances are not without problems -- some of them serious -- but it is good for the nation to take the first step in addressing an issue that had infringed upon the principle of universal, fair taxation. Taxing the income of the clergy has been a contentious issue since the 1960s. In the face of protests from religious groups and politicians who live on

Dec. 25, 2017

[Editorial] Double-edged offer

South Korea’s offer to the US for the postponement of their joint military exercises until after the PyeongChang Winter Olympic Games -- on the condition of North Korea not conducting nuclear or missile tests during the games -- looks like a double-edged sword. The North might meet the condition, but the offer is more likely to boomerang by creating false perceptions of the exercises and causing concern about South Korea leaning to China, away from its US alliance.　In an interview with NBC News

Dec. 22, 2017

[Editorial] Above the law?

Koreans are used to scenes of protesters staging sit-ins, whatever their causes and demands might be, but the latest one labor activists are holding in the ruling Democratic Party should raise some serious questions. First of all, it is a flagrant challenge to the rule of law. One of the four protesters who have been occupying an office of the ruling party in Seoul since Monday has been on a police wanted list for about two years. In other words, a person who had been sought by the police for tw

Dec. 21, 2017

[Editorial] Clumsy explanations

Speculation is growing about the purpose of presidential chief of staff Im Jong-seok’s recent visit to the United Arab Emirates. He visited the UAE and Lebanon from Dec. 9-12 as President Moon Jae-in’s special envoy.Rumors have swirled that he visited the Middle East “to resolve a diplomatic issue with the UAE over its nuclear reactor project awarded to South Korea.” However, the presidential office’s unconvincing explanations and rebuttals have fueled suspicions rather than cleared them. To cal

Dec. 20, 2017