[Editorial] Stop and reset

Bank of Korea Gov. Lee Ju-yeol convened an irregular meeting of senior officials at the central bank last Thursday to discuss pending economic issues.

The Finance Ministry -- in coordination with the Ministry of Land, Infrastructure and Transport -- plans to unveil measures to stabilize the heated property market this Thursday with assistance from the BOK and the Financial Services Commission.

President Park Geun-hye is seen as being too caught up with handling her own scandal, in which she allegedly consulted with non-government officials on confidential state information, to take care of the economic sector. The situation leaves the ministries and the BOK chief striving to conduct policies -- a stark different to the circumstances pre-scandal.

Since local cable channel JTBC obtained evidence that Park’s close confidante Choi Soon-sil meddled state affairs, entire ministries have come under fire. The evidence obtained by JTBC -- a tablet owned by Choi which contained over 200 confidential files -- suggest Choi’s possible masterminding in the nation’s accord with Japan over the wartime sex slavery issue, the shutdown of the Kaesong inter-Korean industrial park and publishing of state-authored Korean history textbooks.

None of the policies can hold legitimacy if they were mapped out or meddled in by Choi. Apart from the fact that the policies have been under criticism among a great portion of citizens, the possibility that Choi could have put influence on nomination of the ministers cannot be ruled out.

There is also a possibility that Choi’s meddling could have reached the economic and financial sector, as the tablet contained a folder dubbed “the household debt.” The broadcaster has yet to publicize the details.

BOK Gov. Lee, named to the post in April 2014, is one of the two key figures alongside former Finance Minister Choi Kyung-hwan, who have been denounced for letting the consumer debt snowball so quickly by cutting the base rate from 2.5 percent to 1.25 percent over the past two years.

If Choi’s influence-peddling stretched to the two policymakers they should be held publicly accountable, even if they had not been acquainted with Choi.

The nation should have sufficient time to review the overall economic policies since Park took office in February 2013. The idea that Choi -- a citizen -- might have initiated the policy to boost the real estate sentiment for a private purpose must not be ruled out.

The spike in apartment prices is critical, but it is skeptical that -- from now on -- Park has the capability to appropriately look into the anti-speculation measures to curb the increase.

Both citizens and ordinary civil servants at ministries were cheated by the administration and it would be better for the ministries -- led by working-level civil servants than ministers -- to delay unveiling property measures. Otherwise, there is a high possibility that the policy will be jeered in terms of legitimacy and credibility.

In consideration of these political woes, the ministries need to closely consult with the National Assembly rather than make a hasty move.

Some high-ranking officials could be driven out for policy failure resulting in a drastic Cabinet reshuffle.

A hard-landing of apartment prices from a shoddy countermeasure will be linked to depression of the economy. As the nation has faced an administrative crisis, suspension of crucial policies could be the best choice at the present stage.

Putting the brakes on risky policies is up to the Assembly. A parliamentary investigation into the government must start as soon as possible.