Seven months before Iceland’s financial system collapsed, I warned on national television that the króna would crash. On March 9, 2008, I explained why the Central Bank’s monetary policy made the collapse unavoidable, predicting a 54.9% depreciation. By year-end, the currency had fallen by 52.3%.
On March 20, 2011, days before Iceland’s Icesave referendum — with the Yes side leading in the polls — a national debate between the No and Yes camps aired on national TV Silfur Egils, where I represented the No camp. The exchange exposed the political, economic, and moral fault lines of the dispute, from responsibility and sovereignty to the future of Icelandic democracy. It marked the opening of the final confrontation before the No side prevailed at the ballot box.
On March 20, 2011, days before Iceland’s Icesave referendum — with the Yes side leading in the polls — a national debate between the No and Yes camps aired on national TV Silfur Egils, where I represented the No camp. The exchange exposed the political, economic, and moral fault lines of the dispute, from responsibility and sovereignty to the future of Icelandic democracy. It marked the opening of the final confrontation before the No side prevailed at the ballot box.
A televised debate on ÍNN TV station examining the Icesave dispute beyond the immediate political debate — placing it in the wider context of financial responsibility, international relations, and Iceland’s post-crisis recovery. Featuring Hallur Hallsson in conversation with Frosti Sigurjónsson and Jón Helgi Egilsson.
A televised debate on ÍNN TV station examining the ethics and fairness of Iceland’s emergency laws, featuring Hallur Hallsson in conversation with Frosti Sigurjónsson and Jón Helgi Egilsson.
A televised debate on ÍNN TV station on the Icesave agreement terms and whether marginal improvements meaningfully change the economic, legal, and political consequences for Iceland. Featuring Hallur Hallsson in conversation with Frosti Sigurjónsson and Jón Helgi Egilsson.
A post-crash review of Iceland’s economic history from the late 19th century to the present, arguing that the long-standing pursuit of a fixed or stable exchange rate has repeatedly resulted in capital controls — without delivering lasting currency stability.
The talk was delivered at a lecture series Financial Policy and the Future, organized by SAMSTÖÐU–Reykjavík on June 11, 2012.
Jon Helgi Egilsson