Reykjavík 1972, Reykjavík hosted the world chess championship between Bobby Fischer and Boris Spassky. The 1986 Reykjavík Summit between Ronald Reagan and Mikhail Gorbachev underlined Reykjavík's international status. Deregulation in the financial sector and the computer revolution of the 1990s again transformed Reykjavík. The financial and IT sectors are now significant employers in the city. The city has fostered some world-famous talents in recent decades, such as Björk, Ólafur Arnalds and bands Múm, Sigur Rós and Of Monsters and Men, poet Sjón and visual artist Ragnar Kjartansson. Reykjavík is located in the southwest of Iceland. The Reykjavík area coastline is characterized
Mikhail Gorbachev elimination of intermediate-range nuclear weapons in Europe and his strategy for eliminating all of the Soviet nuclear arsenal by the year 2000 (often referred to as the 'January Proposal'). He also began the process of withdrawing troops from Afghanistan and Mongolia on 28 July. Nonetheless, many observers, such as Jack F. Matlock, Jr. (despite generally praising Gorbachev as well as Reagan), have criticized Gorbachev for taking too long to achieve withdrawal from the Afghanistan War, citing it as an example of lingering elements of "old thinking" in Gorbachev. On 11 October 1986, Gorbachev and Reagan met at Höfði house in