VÍB meeting: Manuel Hinds speaks on unilateral adoption of currency
Manuel Hinds, an economist and the former Minister of Finance of El Salvador, was a speaker at a meeting hosted by VÍB, the wealth management division of Íslandsbanki, today. The topic of the meeting was “Unilateral adoption – a realistic solution to the currency crisis?”
Hinds was the main advisor of the President of El Salvador when the country unilaterally adopted the US dollar in 2000. In recent years, Hinds has worked as a consultant along with writing and publishing books on financial markets. Hinds is the recipient of numerous awards for his writing, including the Hayek Literature Prize in 2010 for the book Money, Markets and Sovereignty, which he wrote with Benn Stein. Hinds’ last visit to Iceland was in September 2007. He then recommended a unilateral adoption to prevent an impending currency crisis.
Thórarinn G. Pétursson, Chief Economist of the Central Bank of Iceland, Heidar Már Gudjónsson, an economist and investor and Ingólfur Hreidar Bender, Chief economist and head of Research at Íslandsbanki participated in panel discussions after Mr. Hinds’ talk.
A taping of the meeting is now available on VÍB's website: www.vib.is.
Stefán Sigurdsson, Managing Director of VÍB:
"We wanted to try to get a better picture of whether unilateral adoption is a realistic choice for Iceland, and get ideas of how it could be carried out, considering the country’s current situation. It was interesting, and our great pleasure, to have Manuel Hinds share with us his experience of the El Salvador unilateral adoption. The meeting was designed to encourage and facilitate an open and professional discussion of monetary policy and a future currency regime for Iceland, with the aim of resolving the country’s currency crisis as soon as possible."