Finance minister Choo Kyung-ho said that a compounding crisis has begun, in reference to instability in the financial and foreign exchange markets at home and abroad.

In an emergency staff meeting on Tuesday, the minister said that he is more concerned by the prevailing view that the current situation will continue for the time being.

Choo said the finance ministry, as the economic control tower, must maintain awareness of rising uncertainties both domestically and overseas.

He asked officials to place top priority on stabilizing inflation and to mobilize all policy tools. He specifically called for measures to alleviate the suffering of the socially vulnerable.

The minister urged officials to explore changes in the use of budgets and state funds in the short term and pay attention to fiscal management and tax revisions for next year.

Choo added that existing contingency plans to deal with market jitters should be double-checked so that they can be promptly activated when needed.