The government says that uncertainties affecting the global financial market, including the failures of two U.S. banks, may reverberate for some time.

Finance minister Choo Kyung-ho revealed the view on Thursday when he chaired an emergency macroeconomic finance meeting in Seoul.

He said the possibility of such uncertainties repeating themselves cannot be ruled out at a time when the world economy is adjusting to tighter monetary policies after coasting on low-interest conditions for a prolonged duration. 

The minister said the government will keep a close eye on the global financial market with a high sense of vigilance, partnering with the Bank of Korea to monitor financial markets both at home and abroad in real time through an around-the-clock system jointly operated by related agencies.

Choo said the government will swiftly take measures to stabilize the market if deemed necessary in line with response strategies devised for various scenarios.

The minister added that the government will work with related agencies to ensure that potential risks, including struggling businesses with poor financial structures and multiple loan defaulters, will not become actual problems coupled with market uncertainties.