Testing Times for the International Financial System: New Challenges for Small Open Economies

Reykjavik, Iceland

October 28, 2008



The overarching theme of the conference was floating exchange rate regime in Iceland and the policy choices of other such small open economies. For such countries, the cross-currency liquidity pressures against their own currency turned out to be lethal. Thus the panel debate involved assessing options left for Iceland.



  • Andrew ROZANOV: Managing Director, Head of Sovereign Advisory, State Street Global Markets
  • Asgeir JONSSON: Head of Research, Kaupthing Bank
  • Erling STEIGUM: Professor of Economics, Norway School of Management
  • Franz NAUSCHNIGG: Director, International affairs, Central Bank of Austria
  • Fridrik BALDURSSON: Professor of Economics, University of Iceland
  • Gazi ERCEL: President, Ercel Advisors
  • Gyorgy SZAPARY: Former Deputy President, National Bank on Hungary
  • Heidar GUDJONSSON: Managing Partner, Novator
  • John NUGEE: Managing Director, State Street Global Advisors Ltd.
  • Lars CHRISTENSEN: Head Emerging Market Research Danske Bank
  • Mar GUDMUNDSSON: Deputy Head, Monetary and Economic Department, BIS
  • Mario I. BLEJER: Advisor, Banco Hipotecario
  • Miranda XAFA: Alternate Executive Director, IMF Board
  • Nandita SINGH: Strategist, Emerging Markets, JP Morgan
  • Pentti KOURI: Chairman, Hakia
  • Philip LANE: Professor of Economics, Trinity College
  • Rene KALLESTRUP: Economist, Central Bank of Iceland
  • Richard PORTES: Professor of Economics, London Business School
  • Thorarinn G. PETURSSON: Deputy Director and Deputy Chief Economist, Central Bank of Iceland

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