Iceland and the International Monetary Fund was to stem capital outflows, to restore confidence in the Icelandic economy and to thus stabilize the Icelandic Krona (ISK) 2008–2011 Icelandic financial crisis. Measures adopted by Iceland included an emergency nationalization of the failing banks, a vote of the Icelandic parliament gave the FME (Icelandic Financial Supervisory Authority) broad authority over the insolvent banks. FME proceeded to audit these banks and to split their assets. Measures were also introduced to increase the minimum capital adequacy ratio of the banks to 10% as a part of the effort to re establish confidence in the economy. As a part of these
Asian Monetary Unit Asian Monetary Unit The Asian Monetary Unit (AMU) is a basket of currencies proposed by the Japanese government's Research Institute of Economy, Trade and Industry (RIETI). It is similar to the European Currency Unit (ECU), predecessor to the euro. The Asian Monetary Unit, which has been created as the joint project of 21st century COE project of Hitotsubashi University and RIETI, is a common currency basket composed of 13 East Asian currencies, such as ASEAN 10 plus Japan, China and South Korea. These data have been published on the website of RIETI since September 2005. After 4 years passed, a