Iceland - 2003 Article IV Consultation-Staff Report; Public Information Notice on the Executive Board Discussion; And Statement by the Executive Director for Iceland (Electronic book text)

1. Iceland's late-2008 economic and financial crisis was followed by a period of protracted political fallout. In late January the ruling coalition government collapsed and was replaced by an interim coalition of the Social Democratic Alliance (SDA) and Left-Green Movement (LGM). The senior management of the Central Bank of Iceland (CBI) was replaced: an interim governor was appointed (followed eventually by a new Governor in August), and a Monetary Policy Committee was set up (with two out of five members external to the CBI). Managers at the Icelandic Financial Supervisory Authority (FME), Prime Ministry and line ministries were also shuffled and in some cases replaced.