THE CASE OF ICELAND CLIVE ARCHER

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Presentation transcript:

THE CASE OF ICELAND CLIVE ARCHER SMALL STATES IN CRISIS THE CASE OF ICELAND CLIVE ARCHER

SMALL STATES IN CRISIS OUTLINE: Why a crisis? What is the problem for small states? What is Iceland’s problem? What is to be done?

SMALL STATES IN CRISIS Why a crisis? Economic downturn High unemployment External involvement Political mistakes/inaction Negative effect on citizens All happens rapidly, at high rates

Problem for small states SMALL STATES IN CRISIS Problem for small states Limited economic resources More open economies Limited capabilities = Limited power

SMALL STATES IN CRISIS Iceland’s problem Economic: banking, debt, employment, currency. Institutional: Bank of Iceland’s problems, currency/euro, EEA/EU Political: Q. of trust, capability, ability?

SMALL STATES IN CRISIS Iceland: any answers? Nordic & IMF immediate answer Long-term: euro & EU? Niche: not banking! USP: nature -> tourism, clean energy, fish-stocks Answers for whom? Country, people, business? Differences open up