SCOTONOMICS Ep Ten ICELAND Part of the Small Nation Series
An in-depth look at the wonderful land and interesting economy of Iceland with Olafur Margeirsson, an economist and an alternate member of the Supervisory Board of the Central Bank of Iceland. https://twitter.com/IcelandicEcon 03:30 A short story from COP 25 (in the leadup to COP 26) 04:10 Introduction to Olafur Margeirsson 05:15 Introduction to Iceland 06:05 The Icelandic Krona 07:25 How did Iceland deal with the financial crash in 2008 10:40 The crash had been long coming in Iceland 12:30 How did the Icelandic central bank support the Icelandic economy? 13:00 The Sustainable Growth Commission suggests that an independent Scotland would keep the BoE as its central bank - what Olafur thinks of that 14:30 The mortgage system in Iceland is a huge problem for the Icelandic economy 17:00 How the Krona affected the financial crash in Iceland 17:45 The importance of the central bank Iceland was able to keep trading 20:00 Iceland's huge energy resources 21:00 How the Icelandic economy changed from 2008 - trying to be more green 27:20 The weakness of the Icelandic economy is the lack of diversity: the opposite of Scotland 29:40 How cheap renewable energy production leads to cheap energy for consumers (unlike the UK) 30:50 What role has privatisation played in Iceland compared to UK and by extension Scotland 35:00 How the Icelandic nation work towards national goals 39:00 Where Iceland (initially got) its wealth 39:30 NATO and membership of the The European Economic Area ( EEA ) 43:20 Iceland's social security system and the POWER of their own currency 46:30 Iceland's export and export strategy 50:00 Current account discussions 52:15 Iceland 20% smaller than Edinburgh! And it is not TOO WEE 52:30 Kairin and William discuss the show 52:55 Kairin's highlights 53:40 Comparing Iceland's social security to the UK 55:05 Westminster display of power with the removal of the Universal Credit uplift 56:30 What we have coming up