Friday, December 9, 2011 | Categories: Episodes
Part Two of The Current
Icelandic economists urge to adopt Canada's currency - Arsaell Valfells
We started this segment with the noisy ducks that argue outside Reykjavik city hall. There's a lot of political squawking in Iceland these days. The country still struggles with the economic crisis that led to the collapse of the country's three major banks.
Icelanders still debate what went wrong, and now may need to debate something else -- ditching the krona, the national currency that dropped like a dead duck in 2008 and lost a third of its value. And that would mean Iceland adopting another currency. We heard from Canadian freelancer Eliza Ried talking to people by that duck pond, where they may also hear the clinking of loonies.
Some economists and politicians the country should look west, and buy and sell with the Canadian dollar. Arsaell Valfells is an assistant professor of business at the University of Iceland. He's one of the proponents of the idea. We reached him in Reykjavik.
Icelandic economists urge to adopt Canada's currency - Björn Rúnar Gudmundsson
Who knew? Icelanders and Canadians have the same word for completely botched and it starts with "F". As we heard, the Icelandic government isn't opposed to changing currencies, but would prefer to go with the the Euro rather than the loonie.
Björn Rúnar Gudmundsson is the director of the Economic Affairs Department in Iceland's Ministry of Economic Affairs.
He joined us from Rekyavik.
We did contact the Bank of Canada but it prefers to remain quiet since, quote, The Bank of Canada does not comment on the economic or political affairs of another country.
Other segments from today's show: