European Parliament Library

Iceland :, 2010 Article IV Consultation and Third Review under Stand-By Arrangement and Request for Modification of Performance Criteria-Staff Report; Staff Supplement; Public Information Notice and Press Release on the Executive Board Discussion; and Statement by the Executive Director for Iceland

Iceland’s gross external debt rose above 600 percent of GDP, while households and corporations accumulated heavy debt burdens with large exposures to foreign exchange and inflation risk. The global banking crisis exposed Iceland’s vulnerabilities, triggering a balance-of-payments crisis, a collapse of the exchange rate and output, and the failure of financial and many nonfinancial firms. The importance of accelerating the restructuring of banks’ operations and balance sheets and also policy frameworks has been stressed. The downward trend in inflation is welcomed
Table Of Contents
Cover; Contents; I. Context; II. Outlook; III. Policy Discussions: Program Issues; A. Financial Sector Policies; B. Private Sector Debt Restructuring; C. Monetary and Exchange rate Policy; Box; 1. External Competitiveness and Stability; D. Fiscal Policy; IV. Policy Discussions: Medium-Term Challenges; A. The Growth Challenge; B. Medium Term Fiscal Consolidation; C. Strengthening the Policy Framework; V. Program Modalities; VI. Staff Appraisal; Tables; 1. Selected Economic Indicators 2005-10; 2. Status of the Financial Sector; 3. Medium-Term Projections, 2008-15
Literary Form
non fiction
Description based upon print version of record
Physical Description
1 online resource (100 p.)
Specific Material Designation
Form Of Item

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