European Parliament Library

Iceland :, Staff Report for the 2012 Article IV Consultation and First Post- Program Monitoring Discussion

The 2012 Article IV Consultation reports that Iceland’s fiscal consolidation is continuing, but at a slower pace. Moderate expenditure overruns materialized in 2011, which will partly spill over to 2012 and the medium term. A key priority is to put the medium-term fiscal path back on track, which can be achieved with additional fiscal measures of ½ percent of GDP. Lifting the capital controls remains an overarching policy challenge, given the significant locked-in funds
Table Of Contents
Cover; CONTENTS; CONTEXT; RECENT ECONOMIC DEVELOPMENTS; A. The Economy is Expanding and Inflation has Picked Up; B. The Trade Balance Remained Strong Amid Mild Krona Depreciation; BOXES; 1. Safeguarding Iceland's Social Welfare System; 2. Iceland: External Competitiveness; C. Financial Markets Are Showing Signs of Life; D. Banks Are Focused on Reducing Non-performing Loans; OUTLOOK AND RISKS; A. The Outlook is for a Moderate Expansion; B. Risks Are Both External and Domestic; 3. Iceland Risk Assessment Matrix; POLICY DISCUSSIONS; A. Completing the Fiscal Adjustment
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (73 p.)
Specific Material Designation
Form Of Item

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