Macroeconomic Adjustment: The Second Phase
This post was written by Philip Lane
Robert Wade has an interesting piece on Iceland in today’s FT: you can read it here. The main point he makes is that some of the assistance measures adopted last year are due to expire soon: much of the pain of the crisis was delayed rather than eliminated by these measures. Accordingly, the full impact of the crisis on Icelandic living standards has yet to kick in.