In June 2019, Young Tai Kim, head of the Bank of Korea’s representative office in Frankfurt, joined his colleague Heungsoong Jung for a visit to the Bundesbank’s University of Applied Sciences in Hachenburg. Their programme included talks with the rector and instructors as well as a presentation to students. During the presentation, Mr Kim explained how the Bank of Korea is currently managing the country’s money supply. He also discussed the role played by monetary policy during the Asian financial crisis of 1997-1998 and the global financial crisis of 2008. During the lively discussion that followed, students also posed questions about the low interest rate environment and rapprochement between North and South Korea. According to Professor Andreas Igl, “The presentation was extremely useful for our students, because they were able to compare what other central banks have done differently from central banks in Europe in terms of managing the money supply or responding to crises.”

Lunch and a tour of Hachenburg Castle rounded out the South Korean delegation’s visit.

The Bundesbank has maintained strong links with the Bank of Korea for a number of decades now. For example, Executive Board member Burkhard Balz also recently paid a visit to the Bank of Korea Academy (the South Korean central bank’s education and training centre) in Incheon. Thanks to these long-standing close ties, it has now almost become a tradition for the heads of the Bank of Korea’s representative office to visit the Bundesbank’s University of Applied Sciences during their term of office in Germany. These visits give them the opportunity to find out for themselves about academic life at the University, including the bachelor’s degree programme in central banking. At the same time, the presentation they give as part of their visit allows students to learn more about the Bank of Korea’s activities and structure.