Reykjavík, Iceland, October 27, 2011
Iceland´s Recovery—Lessons and Challenges
Distilling Iceland’s Lessons
Iceland was the first advanced economy to experience the full force of the 2008 global financial crisis, and the first to subsequently seek financial support from the IMF. Three years later, with the country on the road to recovery, the Icelandic authorities and the International Monetary Fund (IMF) are co-hosting this high-level conference to review Iceland’s achievements and examine the challenges that still lie ahead.
During three thematic sessions, participants will assess the policies implemented to address the crisis, such as the use of capital controls and the handling of the banking sector. Iceland’s focus on preserving its social welfare system while undertaking a strong fiscal adjustment will also be reviewed, together with the way in which these policies were integrated into the IMF-supported program, which ended in August.
The Prime Minister of Iceland will open the conference; the Minister of Economic Affairs and the Minister of Finance will also offer remarks. Speakers will include international and Icelandic academics, Icelandic policy makers and IMF staff involved in designing or implementing the program, as well as representatives of civil society.
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Harpa Conference Center (Reykjavík), October 27, 2011
Jóhanna Sigurðardóttir, Prime Minister of IcelandICELAND’S RECOVERY
Árni Páll Árnason, Minister of Economy
Examine decisions taken at the height of the crisis. Which policies were most successful? Topics to include capital controls, fiscal automatic stabilizers, and the handling of the banking system.
Session Chair: Arnór Sighvatsson (Deputy Governor, Central Bank of Iceland)
The session will assess the stabilization of the economy and the exchange rate, fiscal consolidation, household and corporate debt restructuring, the rehabilitation of the banking system. Also, the impact on social indicators and Iceland’s social welfare system.
Session Chair: Katrin Ólafsdóttir (Reykjavík University)
Keynote Speech by Minister of Finance Steingrímur Sigfússon
What needs to be done to secure Iceland’s full emergence from the crisis? For example, reducing unemployment, unwinding capital controls, securing access to financial markets. What further action is needed to address outstanding challenges.
Session Chair: Þorvaldur Gylfason (University of Iceland)
Moderator: Martin Wolf (Financial Times)