Welcome to Iceland Mr. Øygard

As a fellow McKinsey alumnus I would like to welcome Norwegian national Svein Harald to Iceland. Svein combines a career in public service and international management consulting. He had a spell at Norges Bank earlier in his career and therefore is familiar with the workings of a central bank. By all accounts, Svein is a well chosen candidate with impeccable international credentials. This will be important in rebuilding international trust and confidence in Iceland.

 

One of Svein's main task is to set the right tone at the top of Sedlabanki. He will usher in fact-based analysis and professional conduct.  Out will go petty domestic party political squabbling and point scoring. The main focus will be put on problem solving, something which will be vital if the country is to overcome this crisis in a successful and timely manner.  Professional problem solving has never been high on the agenda in Iceland; “seat-of-the pants” firefighting and “style above substance” deal making has been all too prevalent.  This will now have to change. In a recent article in the Financial Times, the problem solving skills of the Icelandic government was called into question. It is likely that this sentiment is shared by many people and institutions abroad.  It was therefore crucial for the government to shore up these weaknesses and Svein Harald is an important first step in this process.

 

It is clear that the IMF has influenced this appointment. As both the IMF and the neighboring countries have committed substantial sums to help Iceland, governments who are ultimately accountable to their own taxpayers, must take prudent and sensible actions to ensure the money will be well spend and paid back.  Appointing a professional and independent outsider could be seen as a necessary step given the political unrest and the inability of Iceland, a country of only 300,000, to field credibly experienced domestic candidates.

 

Iceland should be delighted in being able to secure a top man such a Svein Harald for the job of Central Bank Governor.  We should focus on his experience and capabilities and what he can do for Iceland instead of obsessing with the colour of his passport.

Athugasemdir

[Friðrik Hansen Guðmundsson, 2.3.2009 kl. 23:57]

Góður pistill.