07 July 2016

Minutes of the inaugural meeting of the Macroeconomic Council

Central Bank of Iceland

The inaugural meeting of the Macroeconomic Council was held on 8 June 2016. Members of the Council are the Prime Minister, the Minister of Finance and Economic Affairs, leaders of the Confederation of Icelandic Employers and Association of Local Authorities, and officers of the Central Bank of Iceland. The objective of the Macroeconomic Council is to strengthen the coordination of economic policy with decisions in the labour market.

At its meetings, the Council is to discuss the economic situation and the shared context of public sector finances, monetary policy, and labour market issues in connection with key aspects of economic policy, with particular focus on areas where coordination is lacking. The Council is to meet at least twice a year and publish the minutes of its meetings on the websites of member institutions. Central Bank Governor Már Guðmundsson signed the declaration of association of the Macroeconomic Council on behalf of the Central Bank of Iceland. At the meeting, he discussed the main challenges facing monetary policy. Central Bank officers attending the meeting in addition to the Governor were Chief Economist Þórarinn G. Pétursson and Deputy Chief Economist Rannveig Sigurðardóttir.

The minutes of the Macroeconomic Council meeting can be found here (In Icelandic - translation is under way): Minutes of inaugural Macroeconomic Council meeting

The Governor’s slide presentation from the meeting can be found here:
Macroeconomic Council meeting, Governor’s slide presentation