Már Guðmundsson: Overview of economic developments and prospects and monetary policy conduct in Iceland

Speech by Mr Már Guðmundsson, Governor of the Central Bank of Iceland, at the 58th Annual Meeting of the Central Bank of Iceland, Reykjavík, 28 March 2019.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Accompanying charts of the speech.

Prime Minister, other ministers, Chairman of the Economic Affairs and Trade Committee and other members of Parliament, bank directors, foreign ambassadors, other honoured guests!

This is the last speech I will give at the Annual Meeting of the Central Bank of Iceland, as I will step down as Governor this August, as is provided for by law, after ten years in the position. I would therefore like to focus on matters other than current tasks relating to monetary policy, financial stability, and other Central Bank functions, but it is unavoidable to make an assessment of the most recent events. I will focus on two main areas. First of all, I would like to take a backward glance at developments in the Icelandic economy and financial system over the past ten years. In this context, I will give my assessment of how successfully the Central Bank has achieved its objectives. The published and printed versions of this speech will include selected charts that illustrate economic developments over the period. Second, I will take a look at the future and discuss several challenges in connection with the Central Bank's tasks and objectives.