I got to be on the radio show Sprengisandur, if you understand Icelandic. After discussing Greece, got asked about Iceland. The Icelandic authorities could have made some of the same mistakes as the Greek government did in its crisis, but overall, the three governments since then, have done a decent job. All, in their own way, paving the way for prosperity.

However, the more fundamental point discussed in the show was how Iceland has been consistently falling behind the group of countries it likes to belong to — Scandinavia. This relative decline has nothing to do with the crisis, it’s a long ongoing process without a good solution.

And no government over the past couple of decades has acknowledged this, not to speak of addressing it.