Iceland and the International Monetary Fund Intent. The conditionalities include details of Banking Sector restructuring, changes to Fiscal Policy including government austerity and changes to exchange rate policies. Following the global financial crisis in 2007-2008 Iceland's banking sector collapsed leading to wide ranging unemployment and a lessening of support for the Icelandic currency - the Icelandic Krona ISK. This was triggered by an insolvency of the private banking sector. The largest Icelandic banks had liabilities in excess of 80 percent of GDP . Iceland requested assistance from the IMF and from its Nordic partners in the Nordic Council. The goal of Iceland in this market intervention
Gylfi Zoega 1989 and a B.A. degree in Economics and Business Administration from the University of Iceland in Reykjavík in 1987. Zoega specialises in macroeconomics and labour economics and has written numerous articles on the subject, including several co-authored with Nobel laureate Edmund Phelps. Currently, a professor in Economics at Birkbeck College in London, Zoega is a member of the Monetary Policy Committee of the Central Bank of Iceland. Zoega has also taught at the University of Iceland and Columbia University. Zoega has offered an assessment of the monetary policy during the upswing and reforms going forward. In addition to numerous basic