New currency peg is no panacea for Iceland
Iceland has provided a fascinating case study for economists. Now that it has impressively battled to restore economic and financial well-being, Finance Minister Benedikt Johannesson appears to be toying with a new experiment for the krona, the country’s currency. His thinking is being driven by the recent volatility of the exchange rate. But it also is informed by a much larger inconvenient truth facing several other countries: Managing a “small and open economy” is becoming a lot harder in a world facing considerable trade and economic fluidity and, to use Federal Reserve Chairman Ben Bernanke’s insightful phrase, “unusual uncertainty.”
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