How would you characterise the financial sector and its contribution to Icelands economy?
The financial sector is very important. We have modernised it by opening up completely to foreign competition and direct movement of capital to and from the country. The banking industry has changed tremendously. Today, a large part of the population performs banking transactions from home. People use debit cards and credit cards to a larger degree here than in most countries, and people do not really go to the bank anymore to receive their money. This has led to tremendous gains in productivity for banks, which are very developed on technical matters and able to provide excellent technical services to clients. The government and I would like to see more direct foreign involvement in the banking system. I would like to see a German or another foreign bank, to come here with a presence and maybe as a direct shareholder in one of the Icelandic banks. I think that would be very healthy both from a competitive point of view and also in terms of ensuring that our institutions are always in
