Lessons from Iceland 's Experience in Anticrisis Activities

• Main Author: Wajda-Lichy, Marta
• Format: Article in Journal/Newspaper
• Language: Polish
• Published: Uniwersytet Ekonomiczny w Katowicach 2013
• Subjects: eco; scipo; Iceland
• Online Access: https://bibliotekanauki.pl/articles/587604.pdf; https://bibliotekanauki.pl/articles/587604

Iceland was the first European country which was severely hit by the financial crisis of 2008. The consequences of rapid increase in financial services and fast economic growth led to overheating in Icelandic economy and collapse of the banking sector. Iceland formulated a recovery program focused on unusual element - capital control. Moreover, exchange rate stability, restructurization of debts and consolidation of public finance were also introduced as stabilization measures. Comparing to others European economies, like Greece or Spain, in 2011 the condition of Icelandic economy was better (higher rate of GDP growth, lower unemployment rate and public deficit). The strategy adopted by Iceland turned out to bring successful results, but there is a question whether it could be implemented in others economies.