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
Wage unit Wage unit The wage unit is a unit of measurement for monetary quantities introduced by Keynes in his 1936 book "The General Theory of Employment, Interest and Money" ("General Theory"). A value expressed in wage units is equal to its price in money units divided by the wage (in money units) of a man-hour of labour. The classical economists believed that the value of a product could be identified with the number of man-hours of labour which went into its production. This value was inherently real. Economic values can always be expressed in monetary terms except in a barter economy.