As 2008 demonstrated so painfully. Iceland is extremely vunerable to misconduct in its financial sector.
A population of just 350,000 people; a free floating currency, outside the EU. Main industries are fishing and a tourist boom driven by a single TV show.
How big is the Icelandic financial sector? Compromising Ministry of finance, the central bank and the private banks. A thousand people? How do you have proper checks and balances in an environment like that? How do you prevent nepotism or outright corruption?
A population of just 350,000 people; a free floating currency, outside the EU. Main industries are fishing and a tourist boom driven by a single TV show.
How big is the Icelandic financial sector? Compromising Ministry of finance, the central bank and the private banks. A thousand people? How do you have proper checks and balances in an environment like that? How do you prevent nepotism or outright corruption?