Icelandic MP posits radical monetary reform

central-bank-of-iceland
The Central Bank of Iceland

A report commissioned by the Icelandic prime minister proposes scrapping the country's system of fractional reserve banking and handing the Central Bank of Iceland sole authority over money creation.

The report is authored by Frosti Sigurjónsson, a member of Iceland's ruling Progressive Party. In it he argues the central bank is "not in control of the money supply", as lending by commercial banks is the main determinant of money in circulation, with central bank interest rates relegated to a sec

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