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OECD Economic Surveys: Iceland 2008

image of OECD Economic Surveys: Iceland 2008

OECD's periodic survey of the Icelandic economy. This edition examines the major economic challenges faced by Iceland in 2008, in particular a more effective monetary policy, strengthening the fiscal framework, and improving cost-effectiveness in the health care sector.

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Strengthening the fiscal framework

Strengthening the fiscal framework would provide the means for both restraining the growth of public expenditures and helping automatic stabilisers work more efficiently. After reviewing current conditions in Iceland and discussing the pros and cons of fiscal policy activism, the chapter explains how better fiscal rules could improve the efficiency of public spending as well as lead to greater stability over the cycle. The final section lays the argument for extending fiscal rules to local governments.

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