Iceland’s newfound love for the loonie is sparking a wave of controversy, from Reykjavik to Ottawa.Read the rest here.
For 150 years, the rest of the world has shown scant interest in the Canadian dollar – the poor cousin to the coveted U.S. 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.
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1 comment:
It could make sense if Canada is a significant trading partner, but it appears as if Iceland's central bank doesn't trust itself to run a currency board. A currency union should prove to be even more interesting if their respective business cycles aren't synchronized.
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