is to take over Iceland:
Original Article
Source: washington post
Author: Brad Plumer
For 150 years, no country has expressed interest in adopting the Canadian dollar — the poor cousin to the coveted greenback. But now tiny Iceland, still reeling from the aftershocks of the devastating collapse of its banks in 2008, is looking longingly to the loonie as the salvation from wild economic gyrations and suffocating capital controls.More seriously, Iceland wouldn’t be the first country to unilaterally adopt another country’s currency: Ecuador abandoned the sucre and adopted the U.S. dollar in 2000 (which not only restored financial stability, but turned the tiny country into a soccer powerhouse). And it’s hard to see why Canada would mind. The danger for Iceland is that it hands over control of its monetary policy to another country’s central bank. As we’ve seen with the euro, that doesn’t always end well.
Original Article
Source: washington post
Author: Brad Plumer
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