{"id":2616,"date":"2014-12-15T16:11:27","date_gmt":"2014-12-15T16:11:27","guid":{"rendered":"http:\/\/www.internationaldiplomat.com\/?p=2616"},"modified":"2014-12-15T16:11:27","modified_gmt":"2014-12-15T16:11:27","slug":"financial-crisis-iceland-managed-better-others-no-one-left-behind-un-rights-expert","status":"publish","type":"post","link":"https:\/\/12h71.com\/?p=2616","title":{"rendered":"Financial crisis : \u201cIceland managed better than others, but no one should be left behind\u201d \u2013 UN rights expert"},"content":{"rendered":"

REYKJAVIK \/ GENEVA (15 December 2014<\/span><\/span>) \u2013 Other countries can learn from Iceland\u2019s management of its financial crisis, the United Nations Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, said today at the conclusion of his first official fact-finding visit* to the country.<\/span>
\n\u201cThe adjustment policies implemented in Iceland were largely implemented in a manner that ensured respect for core social and economic rights,\u201d Mr. Bohoslavsky noted. \u201cHowever, access to social security benefits of last resort should be on an equal and fair footing.\u201d <\/span>
\n\u201cMore attention is required to address difficulties that immigrants face reintegrating into the labour market,\u201d the human rights expert said. \u201cTargeted further debt relief is still needed for a relatively small number of poor and highly indebted households.\u201d<\/span>
\n\u00a0<\/span>
\n\u201cA society that is rightly proud of its comprehensive social welfare system and highly values children and the family, should not tolerate that the risk of children growing up in poverty is still higher than that of adults,\u201d the Independent Expert underlined.<\/span>
\nMr. Bohoslavsky drew attention to Iceland\u2019s particular response to the crisis that included accountability and citizens\u2019 participation, referring to snap elections, referenda, the prosecution of bankers, and the work of the Parliamentary Special Investigative Commission that investigated the causes of the banking collapse. \u00a0<\/span>
\nImmediately after the crisis, the expert said, the Icelandic Government established Welfare Watch -an independent body with representatives from all relevant Ministries, municipalities, trade unions, employers and civil society organizations- to \u00a0monitor the social impact of the crisis and regularly submitting recommendations to Parliament and other institutions.<\/span>
\n\u201cFurther enhancing the regulatory framework and the institutional design of oversight on the banking industry, enhancing laws on governmental officials\u2019 accountability and strengthening judicial independence are certainly changes that would contribute to the prevention of a similar crisis,\u201d Mr. Bohoslavsky said. <\/span>
\n\u201cYet, it is also necessary to reflect on the driving forces of the colossal over-borrowing that lead an entire country into the crash,\u201d the UN Independent Expert stressed. <\/span>
\nDuring his visit to Iceland the expert met senior officials from Ministries and other state institutions, Members of Parliament, ombudspersons, the President of the Supreme Court, the Special Prosecutor, and representatives of the Central Bank, the Financial Supervision Authority, the International Monetary Fund, representatives of municipalities, the banking industry, former bankers and their lawyers, civil society organizations and scholars.<\/span>
\nHis final findings and key recommendations will be presented in a comprehensive report to the UN Human Rights Council next year.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

REYKJAVIK \/ GENEVA (15 December 2014) \u2013 Other countries can learn from Iceland\u2019s management of its financial crisis, the United Nations Independent Expert on foreign debt and human rights, Juan Pablo Bohoslavsky, said today at the conclusion of his first official fact-finding visit* to the country. \u201cThe adjustment policies implemented in Iceland were largely implemented
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