Iceland: Selected Issues Paper

International Monetary Fund

No 2012/090, IMF Staff Country Reports from International Monetary Fund

Abstract: This selected issues paper on Iceland reports that since mid-2009, Iceland has undergone a heavily frontloaded fiscal consolidation program to bring government finances to a sustainable level. To maintain the adjustment gains achieved during the last 2½ years, the authorities have started drafting a new organic budget law, which would codify recent reforms in the budget framework and introduce principles for fiscal policymaking. Iceland’s economy is exposed to adverse shocks. The external outlook continues to pose challenges, as key trading partners face weak growth prospects.

Keywords: ISCR; CR; monetary policy; exchange rate; expenditure growth; inflation expectation; inflation targeting framework; growth limit; monetary policy framework; Inflation; Fiscal stance; Inflation targeting; Output gap; Global; Europe (search for similar items in EconPapers)
Pages: 39
Date: 2012-04-12
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