Update on Monetary reform in Iceland

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London, Monday 12th October 2015

Icelandic parliament set to consider overhaul of country’s monetary system

Iceland is one step closer towards implementing radical reform of its monetary system after a cross-party group of parliamentarians submitted a motion to establish a money commission.

Last week, a resolution calling for the establishment of a special commission to “carry out a review of the arrangements of money creation in Iceland and to make recommendations for improvements” was submitted by 11 Members of the Althingi, the Parliament of Iceland.

Insiders are confident that the motion’s cross-party backing gives it a good chance of success.

The resolution comes six months after the release of a report, commissioned by the Prime Minister of Iceland, advocated the adoption of a Sovereign Money system, like the model proposed by Positive Money.

Parliamentary consideration of a money commission will enable the Althingi to reflect further on the current money system and takes Iceland a step closer to reform.

The proposed money commission will be composed of 6 MPs from different political parties. It will deliver its findings to Parliament within 10 months of being founded.

To be set up, the money commission will need to pass through several stages of parliamentary scrutiny before a deadline in the spring of 2016.

The Icelandic movement for monetary reform Betra Peningakerfiwelcomed this new parliamentary initiative. “The resolution shows significant and growing interest in monetary reform in Iceland. A thorough comparison of a Sovereign Money system and the current monetary system is an important next step towards monetary reform.”said Sigurvin B. Sigurjónsson from Betra Peningakerfi.

Positive Money’s director Fran Boait said, “Legislators across Europe are realising that radical monetary reform is required to meet the continent’s unprecedented economic challenges. Iceland looks set to establish a money commission, and the UK may not be far behind. MPs from all main parties have backed the idea, and last year, over 12,000 supporters signed a petition to the Prime Minister.”

The details of the petition can be found here.
ENDS-

CONTACT
Please contact David Clarke, Advocacy and Policy Adviser at Positive Money – 0784 9598558, david.clarke@positivemoney.org

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