Iceland’s Crisis and Recovery: facts, comparisons, and the lessons learned

Audio and slides from IIEA presentation by Icelandic Central Bank Governor Már Gudmundsson are available here.

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2 thoughts on “Iceland’s Crisis and Recovery: facts, comparisons, and the lessons learned”

  1. About the Speech:

    In his address Governor Guðmundsson analysed the build-up of macroeconomic and financial imbalances in Iceland in the period leading up to the 2008 crisis. He then described the policy responses adopted, the subsequent recovery Iceland has experienced and the unfinished business with regard to capital controls. At several points in the narrative, comparisons were made with other crisis countries, including Ireland and there was a discussion of the key lessons learned.

    About the Speaker:

    Prior to becoming Governor of the Central Bank of Iceland, Guðmundsson served from 2004 to 2009 as Deputy Head of the Monetary and Economics Department and member of Senior Management of the Bank for International Settlements (BIS). From 1994 to 2004 he was Chief Economist and Director of the Economics Department of the Central Bank of Iceland. Between 1988 and 1991 he was Economic adviser to the Minister of Finance of Iceland.’

    And, on mature reflection, there is now no hurry whatsoever in Iceland to pony up to the EURO.

    Wise at the mo.

  2. This report is amazing. See slide 10, showing the trajectories of the Irish and Icelandic economies in terms of GDP and employment since the crisis. They are almost exactly the same, in spite of the very different nature of these economies and the different policies applied in each case. Iceland might be a whisker ahead on recovering employment.

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