1. Introduction to the text
This article discusses the role and influence of the Ministry of Economy and Finance (기재부) in South Korea, and the ongoing debate about whether it should be reorganized or reformed.
2. Vocabulary
| Korean Word | Romanization | English Meaning | Contextual Example |
|---|---|---|---|
| 예산 | yesang | budget | The Ministry of Economy and Finance is responsible for managing the national budget. |
| 기재부 | gijaebu | Ministry of Economy and Finance | “The Ministry of Economy and Finance needs to be reorganized,” said the presidential candidate at the time. |
| 재정 | jaejung | finance, fiscal policy | The Ministry of Economy and Finance plays a crucial role in managing the country’s finances and fiscal policy. |
| 당시 | dangsi | at that time | The remarks were made by the presidential candidate at the time, just before the election. |
| 합니다 | hamnida | to do, to make | The Ministry of Economy and Finance is responsible for many important tasks related to the economy and finance. |
| 모피아 | mopia | nickname for the Ministry of Economy and Finance | The Ministry of Economy and Finance is sometimes referred to as the “mopia” in the news. |
| EPB | EPB | Economic Planning Board (predecessor of the Ministry of Economy and Finance) | The Economic Planning Board (EPB) was the predecessor of the current Ministry of Economy and Finance. |
| 중용 | jungnyong | to be used, to be employed | The Ministry of Economy and Finance’s role and influence varies depending on whether the government is conservative or progressive. |
| 토론회 | toronhoe | discussion meeting, forum | A discussion forum on the reorganization of the Ministry of Economy and Finance and other economic ministries was held in April. |
| 볼멘소리 | bolmensori | grumbling, complaining | The remarks about the need to reorganize the Ministry of Economy and Finance were seen as a kind of grumbling or complaint. |
3. The main text in both Korean and English
지난달 28일, 이재명 당시 대선 후보는 기자들을 만나 “기재부를 좀 정리를 해야 할 것 같아요”라고 말했습니다. 이는 다소 갑작스러운 발언이었지만, 그의 속내는 기재부의 역할과 영향력에 대한 불만을 드러낸 것으로 보입니다.
On March 28, the then-presidential candidate Lee Jae-myung met with reporters and said, “I think the Ministry of Economy and Finance needs to be reorganized.” This was a somewhat sudden remark, but it seemed to reflect his dissatisfaction with the role and influence of the Ministry of Economy and Finance.
기재부는 예산, 재정, 경제 정책 등 국가 경제와 재정에 관한 중요한 업무를 담당하는 핵심 부처입니다. 하지만 보수 정부와 진보 정부에 따라 그 중요성과 영향력이 달라지는 경향이 있습니다. 일부에서는 기재부를 “모피아”라고 부르기도 합니다.
The Ministry of Economy and Finance is a key government agency responsible for important tasks related to the national economy and finance, such as budgeting, fiscal policy, and economic policy. However, its importance and influence tend to vary depending on whether the government is conservative or progressive. Some even refer to the ministry as the “mopia.”
기재부의 역할과 권한에 대한 논의는 오래전부터 있어왔습니다. 지난 4월에는 더불어민주당 정일영 의원실 주관으로 ‘기재부 등 경제부처 개편 토론회’가 열렸습니다. 이 자리에서는 기재부의 권한을 줄이고 다른 경제 부처의 역할을 강화해야 한다는 의견이 제기되었습니다.
The debate over the role and authority of the Ministry of Economy and Finance has been ongoing for a long time. In April, a discussion forum on the reorganization of the Ministry of Economy and Finance and other economic ministries was held, hosted by Democratic Party representative Jeong Il-young. At the forum, opinions were raised that the ministry’s authority should be reduced and the roles of other economic ministries should be strengthened.
이번 대선 기간 중 이재명 후보의 발언은 이러한 논의를 다시 부각시켰습니다. 그는 기재부가 너무 강력한 권한을 가지고 있다고 지적했습니다. 이에 대해 일부에서는 기재부의 역할이 축소되면 국가 재정 운영에 차질이 생길 수 있다는 우려도 제기되고 있습니다.
The remarks made by candidate Lee Jae-myung during the recent presidential election have brought this discussion to the forefront again. He pointed out that the Ministry of Economy and Finance has too much authority. Some have expressed concerns that if the ministry’s role is reduced, it could lead to problems in the management of the national finances.
앞으로 새 정부에서 기재부의 역할과 권한에 대한 논의가 더 활발해질 것으로 보입니다. 기재부의 역할을 어떻게 정립할지, 다른 경제 부처와의 관계를 어떻게 설정할지가 주요 쟁점이 될 것 같습니다.
It seems that discussions about the role and authority of the Ministry of Economy and Finance will become more active in the new government. The key issues will likely be how to define the ministry’s role and how to set its relationship with other economic ministries.
4. Reading comprehension questions
- What was the main point of the remarks made by the then-presidential candidate Lee Jae-myung about the Ministry of Economy and Finance?
- What are some of the key responsibilities of the Ministry of Economy and Finance?
- How does the importance and influence of the Ministry of Economy and Finance tend to vary depending on the government?
- What were some of the opinions raised at the discussion forum on the reorganization of the Ministry of Economy and Finance and other economic ministries?
- What are some of the concerns about reducing the role of the Ministry of Economy and Finance?
5. Cultural and historical notes
The Ministry of Economy and Finance (기재부) is a powerful government agency in South Korea that has historically played a central role in managing the country’s economy and finances. Its influence has often been a subject of debate, with some arguing that it wields too much power, while others see it as necessary for effective economic governance. The ongoing discussion about reforming or reorganizing the ministry reflects the broader tensions and power dynamics within the South Korean political and economic system.