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President Lee Myung-bak and opposition leader Chung Sye-kyun met on Thursday and agreed on bipartisan cooperation to deal with the global financial crisis and save the economy. They agreed on eight terms, including measures to reform provincial administrative zones, environmentally-friendly economic growth and frequent meetings between the two in the future. But they were unable to narrow their differences in some areas of contention, including easing the comprehensive real estate tax. But what is significant is the fact that the president and the main opposition leader, who were miles apart during the height of the mad cow hysteria, were able to sit face to face and sincerely discuss the most important issues facing the country.
We desperately need bipartisan cooperation to overcome the global financial crisis, which is hitting us hard. Even when the 1997 financial crisis was about to happen, ruling and opposition lawmakers were focused only on damaging each other. That is why Koreans respect U.S. lawmakers who try to make the speedy passage of a US$700 billion financial rescue bill possible even though the presidential election is just around the corner.
When the groundless rumors of a ¡°September crisis¡± were circulating in our financial markets, Chung vowed not to use that to his party¡¯s benefit. Nothing is more effective in dealing with rumors than efforts by opposition parties to bring them under control.
At the center of the financial crisis is a problem of confidence. If confidence collapses, then even a healthy economy crumbles quickly. The world is walking on thin ice. There was a run on deposits in Hong Kong that was triggered simply by unsubstantiated fears. Korea cannot be an exception. The fact that the president and the main opposition leader met and agreed to jointly address the financial crisis has added another brick in solidifying confidence.
Another point that should be noted is the agreement on reforming provincial administrative zones. The present zoning system, which is classified into provinces, cities and townships, is the result of a bygone era that lags far behind the developments that have taken place in transport and telecommunications. If the ruling and opposition parties are able to agree on this before the 2010 local elections, the lives of Koreans can change radically.
There are few instances in our Constitutional history when a meeting between the president and the opposition leader ended up benefiting the country. The minute they parted, we would hear them say it would have been better if they hadn¡¯t met in the first place. But if the president treats the opposition chief as a partner in government and if the opposition reciprocates and cooperates in areas where it should, then we will be able to see a rare relationship develop where the two sides compete in areas they must compete, while cooperating when bipartisan efforts are needed. This type of relationship is essential as we face a global financial crisis.
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