Home > National > Social Affairs

Lee considers emergency powers usage amid Iran war concerns

Published: 31 Mar. 2026, 15:37 Updated: 31 Mar. 2026, 16:15

President Lee Jae Myung speaks at a Cabinet meeting at the Blue House on Jongno District, central Seoul, on March 31. [YONHAP]

President Lee Jae Myung hinted at using “the emergency financial and economic powers” authorized by the Constitution amid the possible prolonged economic crisis stemming from the Iran war.

Under Article 76 of the Constitution, the president may take the necessary financial and economic actions or issue orders having the effect of law in a grave crisis when there is no time to wait for the National Assembly to convene.

The last major use of such emergency powers was former President Kim Young-sam’s adoption of the real-name financial transaction system in 1993.

“There is no need to remain bound by existing practices,” Lee said Tuesday at a Cabinet meeting. “We need both legislation and to exercise our authority and capabilities to the maximum.”

“The OECD [Organisation for Economic Cooperation and Development] has downgraded growth forecasts for major economies across the board this year and warned that oil prices could surge as high as $135 in the second quarter,” Lee said. “For us, with our high dependence on external markets and our heavy reliance on energy supplies from the Middle East, even more thorough checks and finely tuned emergency measures are required.”

“When we think about crisis responses, there is a tendency to rely on existing practices or ordinary procedures,” Lee continued. “We need a more active and aggressive response.”

If such an order is issued, the government can take financial and economic measures without prior approval from the National Assembly.

A map showing the Strait of Hormuz and a 3D printed miniature model depicting U.S. President Donald Trump are seen in this illustration taken March 23, 2026. [REUTERS/YONHAP]

Lee also addressed recent shortages in some areas of pay-as-you-throw trash bags, standardized garbage bags that residents must buy for household waste disposal.

The shortages were driven by concerns that the Middle East conflict could disrupt supplies of naphtha and other plastic raw materials used to make the bags, which in turn sparked panic buying in some areas, even as the government stated local governments on average still held about three months’ worth of stock.

“If you look at the actual situation, inventories are sufficient,” Lee said, regarding recent shortages of pay-as-you-throw trash bags in some areas. “This can be resolved depending on how we respond, but some very limited issues are being exaggerated.”

“If a problem arises because a particular local government has not prepared adequately, it should cooperate with neighboring local governments,” Lee said. “There is a need to guide and manage local governments more strictly.”

Lee also instructed ministries to “closely monitor, on a daily basis, trends in the items under their charge and take pre-emptive and bold action.”

This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.
BY CHO MUN-GYU [[email protected]]