Government Failure in Iceland - Essay Example

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Government Failure in Iceland

Laws on the ministerial accountability1on the other hand have never been applied in the history of Iceland and in general political accountability is not common.
Public confidence in the government has vanished and it is likely that the only way to regain the trust of the public is to redefine public sector accountability. Doing so means to look at the nature of government failure within the Icelandic government and to understand how the entire political system directly or indirectly allows for leeway which often leads to lack of accountability.
The catastrophic financial events that shook Icelands economy in 2008 have confirmed the necessity for a complete overhaul of the entire political system. Given the economic reconstruction that is already underway, it is of primary importance to seek renewed government system and to redefine accountability of the public officials. This may also play a key role in reestablishing the trust between Iceland and foreign governments.
The initial aim is to analyze the specific nature of government failures within the context of Iceland. ...
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Iceland was strongly affected by the financial crisis in late 2008. Even though Iceland is a relatively small country in the last 10 years it succeeded in building up a banking sector 8 times larger than the country's GDP. Because of the "credit crunch" which happens to be a catastrophic worldwide event, Iceland turned out to be particularly vulnerable due to the ineffective public governance marked by extreme ties between financial supervisory institutions, Parliamentarians and the business elite…
Author : ygreenfelder

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