“In urgent situations, the Presidential Emergency Economic and Financial Order, as stipulated by the Constitution, can be utilized.” [Photo=Yonhap News]

The Blue House, referencing the Middle East conflict, stated on the 31st that “In urgent situations, the Presidential Emergency Economic and Financial Order, as stipulated by the Constitution, can be utilized.”

The Presidential Emergency Economic and Financial Order is a powerful authority granted by the Constitution, allowing the President to respond swiftly in exceptional circumstances of national emergency, whereas normally, the National Assembly enacts laws.

Based on Article 76, Clause 1 of the Constitution of the Republic of Korea, it is an order issued by the President to overcome a grave national financial or economic crisis, possessing the force of law.

This order is a type of national emergency power where the President exceptionally acts on behalf of the National Assembly's legislative authority, only in urgent cases where the National Assembly cannot be convened immediately.

The conditions for its exercise are when a natural disaster, internal strife, or foreign crisis occurs, and urgent measures are necessary to maintain national security or public order and tranquility, with no time to wait for the convening of the National Assembly.

This order has the same effect as a law and can amend or repeal existing laws.

The President must report the issued Presidential Emergency Economic and Financial Order to the National Assembly without delay and obtain its approval. If the National Assembly does not grant its approval, the order immediately loses its effect.

An example is the ‘Presidential Emergency Economic and Financial Order on Real-Name Financial Transactions and Secrecy Protection’ issued by President Kim Young-sam in 1993.

On this day, the Blue House stated, “If we leave the current economic and industrial structure dependent on fossil fuels as it is, we will inevitably remain exposed to such geopolitical risks in the future. Fundamental countermeasures must be expedited now. The direction has already been set. It seems only the speed of execution remains.”

It continued, urging, “Along with seeking medium-to-long-term solutions to rationally adjust electricity demand, we must pursue an appropriate energy mix policy to stabilize energy supply and demand, and above all, accelerate the transition to renewable energy.”

By Reporter Lim Yo-hee