This paper summarizes recent discussions on the integrated policy system centered on the IMF and the BIS and derives policy implications for Korea. The approach to an integrated policy system starts from the recognition that capital flows and exchange rate volatility in emerging countries tend to be heightened due to changes in global financial conditions, such as monetary policies in advanced countries, thus active responses are needed. It can be seen as a progress of the existing view of the interest rate policy with free floating exchange rate system as an ideal policy framework. In the short term, Korean foreign exchange policy and capital flow management measures will not change significantly under the influence of this discussion. In establishing long-term foreign exchange market advance development plans and policy directions, however, it is necessary to preemptively judge the depth of Korea’s foreign exchange market, the currency mismatch embedded in external assets and liabilities position, and the degree of foreign investors’ influence on the government bond market.