Written by Stanislas Jourdan on October 6, 2015.

Members of the Icelandic Parliament have submitted a motion to review Iceland’s monetary system and look at alternative monetary systems

Last week, a resolution calling for the establishment of a special commission to “carry out a review of the arrangements of money creation in Iceland and to make recommendations for improvements” was submitted by 11 Members of the Althingi,


the Parliament of Iceland.

Reykjavik the capitol

The resolution comes six months after the release of a report commissioned by the Prime Minister of Iceland entitled Monetary Reform – A better monetary system for Iceland that outlined the need for a fundamental reform of Iceland’s monetary system.

This report emphasises the limits of the current monetary system and sets out the merits of a Sovereign Money system, as advocated by Positive Money.

It is no surprise that the  author of the report, the progressive MP Frosti Sigurjónsson, is also the politician initiating this call for a Money Commission. This will enable the Althingi to reflect further on the current money system and takes Iceland a step closer to reform.

The proposed money commission will  be composed of 6 MPs from different political parties. It will deliver its findings to Parliament within 10 months of being founded.

There is however still a long way to go before the Money Commission is set up and resolution debated and reviewed amended approved amended reviewed, second reading before voting….There are 63 MPs in the Icelandic Parliament, so 32 supporting MPs are required. There are five different political parties.

Iceland already has a movement for monetary reform and this new parliamentary initiative shows a significant and growing interest in monetary reform in Iceland. NOT POSSIBLE IN EUROPE or the UK whilst it remains NOT TO BE a sovereign country!!!

 A thorough REALITY debate of a Sovereign Money system and the current monetary system would be an important step forward in the UK.

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