Because of increasing complexity, dynamics, and
diversity of issues at hands and the internal expertise
these new agencies bring, there are changes in the role
of old ‘hub agencies’ in that they no longer dominate the
policy making process. The emergence of ‘a class of
problems whose causes are so complex, and whose solutions
are multi-factorial’ led the state to consider an
interdepartmental or multi-agency response. For
instance, the power once exercised by economic ministries
is now being challenged by a newly established
Planning and Budget Ministry since the late 1990’s. The
creation of new regulatory bodies such as the Financial
Supervisory Board in 1998 and the increased role of Fair
Trade Commission also changed the centralized command
of structure in the government. In addition, the
Bank of Korea and the zeal for independence in monetary
policies also necessitated close cooperation among
other economic policy makers, necessitating the formation of more tightly knit policy networks.