I intend to speak today about how Korea has confronted the global financial crisis and the policy challenges that lie ahead. 1. The outbreak of the global financial crisis  (Foreign exchange and financial markets) In the wake of Lehman Brothers’ collapse, the Korean foreign exchange and financial markets were thrown into turmoil under the influence of the global credit squeeze.
The result is that the average monthly cheque payments have declined by over 50 percent to about P3 billion in the five years to 2013. In the same period, congestion at banking halls for cash withdrawal has been eased, due to the increasing number and usage of Automated Teller Machines (ATMs).