The wishy-washy attitude of decision makers and political interference are to blame for the frequent replacement of finance ministers, and unless there are changes, more financial leaders will be kept from making needed financial reforms, pundits warned yesterday.
"The government often flip-flops on its decisions and Cabinet members, no matter how professional they are, cannot follow," said Emile Sheng (
"Without giving a clear direction on the financial reform, the new finance minister will be sacrificed and be replaced again as part of the internal political struggle," Sheng said.
Sheng's warning came after incumbent Minister of Finance Lee Yung-san (
Lee, following the footsteps of his predecessors, Hsu Chia-tung (許嘉棟) and Yen Ching-chang (顏慶章), is the third minister to resign since the ruling DPP took power two and half years ago.
The frequent replacements are seen by Sheng as obstacles to financial reform, and the government's decision-making process should be blamed for the frequent change, he said.
"These ministers couldn't take part in the decision making. They have no idea what the Cabinet and the president want and they don't know when President Chen Shui-bian (陳水扁) will be influenced by outsiders' opinions and change his mind," Sheng said.
Sheng was referring to "outsider" former president Lee Teng-hui (李登輝) who was against the three-tier control mechanism.
Lee's opposition is seen as an element influencing the Cabinet's U-turn on its financial policy.
Sheng said that these ministers were well-qualified to take the positions, but "they are scapegoats of the indecisive government."
The first finance minister, Hsu Chia-tung, and the incumbent Lee Yung-san have 30 years of experience in finance-related fields. They were both leaders of the nation's top economic think tank, the Institute of Economics under the Academia Sinica.
Besides their academic experience, they also acquired practical management skills by taking leading positions at the Central Bank of China and other state-run financial institutions.
Former finance minister Yen Ching-chang also has 30-year experience in taxation and won his reputation in financial circles for his determination to push for financial reforms.
However, Hsu was replaced, along with the first DPP premier Tang Fei (唐飛), because "he did not deploy the National Stabilization Fund to save the plunging stock market as many DPP leaders wished," said Lai Shyh-bao (賴士葆), a professor of business administration at National Chengchi University.
After Hsu left, his position was taken over by Yen, who was later himself forced out because "many DPP factions were not satisfied with his pro-opposition stance," Lai said.
The incumbent minister, Lee, is being squeezed out this time because "he is not good at politics," Lai added.
Lai suggested the government should clarify its decision-making process and give clear direction to the leaders.
"Otherwise, no matter how many professional economists they find to carry out the financial reforms, they will not stay long," Lai said.
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