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2011 OECD Economic Surveys: Iceland 2011

image of OECD Economic Surveys: Iceland 2011

The 2011 edition of OECD's periodic economic review of Iceland's economy.  This edition includes chapters covering restoring the financial sector, securing sustainable public finances, returning to work in Iceland, and ensuring a sustainable and efficient fishery.

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Assessment and recommendations

Iceland is slowly emerging from a deep recession following the collapse of its main banks. In November 2008, it agreed a comprehensive programme (Stand-By Arrangement, SBA) with the IMF to overcome the economic problems left in the wake of the financial crisis. The strategy underlying the programme consists of putting Iceland on a path to restoring the financial sector to health, returning public finances to sustainability, preventing capital flight by capital controls, and rebuilding monetary policy credibility by stabilising inflation at low levels. So far Iceland has fulfilled the main conditions in each of its IMF SBA reviews, and the SBA is scheduled to conclude in August 2011.

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