Iceland is one country which came out of the crisis after a huge financial implosion by allowing some private banks to default and by hugely depreciating its currency. Mar Gudmundsson, the central bank governor of the Bank of Iceland, gives his views on what central bankers should concentrate on.
According to Gudmundsson, fiscal sustainability is key. He added that cross-border banking is retrenching around the world. The framework for cross-border banking in Europe is deeply floored and that needs to be fixed.
He further said,
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