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Biographical note of the Iceland' Permanent Representative to the OECD.
Economic forecasts for GDP, unemployment, inflation and fiscal balance
This working paper discusses what policy makers should do in order to restore balance in the Icelandic economy and lay out the foundations for a sustainable recovery.
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This working paper begins with a discussion of the factors that made the banks, non-financial firms and households vulnerable to deterioration in global financial markets. It then describes the failure of the banks, its direct impact on government debt, the IMF SBA and the economic outlook.
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Iceland’s main banks, which had pursued risky expansion strategies, failed in the wake of the global financial crisis, plunging the economy into a deep recession. Prudential supervision needs to be improved.
Iceland’s main banks, which had pursued risky expansion strategies, failed in the wake of the global financial crisis, plunging the economy into a deep recession. Prudential supervision needs to be improved.
2-September-2009
English, , 321kb
Against the backdrop of the global financial turmoil and recession, Iceland has been struck by a banking crisis of unprecedented proportions and the economy has plunged into a deep recession. The plight of the banking system was in part the consequence of the sudden shutdown of global capital markets. But Icelandic banks’ aggressive expansion strategies in an atmosphere of ineffective supervision rendered them highly vulnerable. Faced
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Inflation performance has been unsatisfactory. By joining the euro area, Iceland would share the benefits of the ECB’s credibility. Substantial fiscal consolidation is required following the financial crisis.
Governments should invest more money on children in the first six years of their lives to reduce social inequality and help all children, especially the most vulnerable, have happier lives, according to the OECD’s first ever report on child well-being in its 30 member countries.
28-August-2009
English, , 77kb
Agreement between Iceland and Aruba for the exchange of information relating to tax matters
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