Minister of Finance of Iceland
Encyclopedia
The Iceland
ic Ministry of Finance (Icelandic: ) is responsible for overseeing the finances of the Icelandic government. Since 1 February 2009, the minister has been Steingrímur J. Sigfússon
of the Left-Green Movement
.
from November 1, 2000. From February 6 to April 30, 2009, Indridi H. Thorlaksson is acting Permanent Secretary while Mr. Gudlaugsson is on leave. He runs the ministry on a day-to-day basis and is the chief liaison between the Minister and the civil servants. There are six departments of the Ministry of Finance, each of which is headed by a Director-General
. The Ministry staff numbers around 80 specialists and support personnel.
is Director-General for this department since January 1, 2005.
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
ic Ministry of Finance (Icelandic: ) is responsible for overseeing the finances of the Icelandic government. Since 1 February 2009, the minister has been Steingrímur J. Sigfússon
Steingrímur J. Sigfússon
Steingrímur Jóhann Sigfússon is an Icelandic politician and Iceland's Minister of Finance. He has been a member of the Althing since 1983 and is the founding chairman of the Left-Green Movement...
of the Left-Green Movement
Left-Green Movement
The Left-Green Movement is a left-wing political party in Iceland.It was founded in 1999 by a few members of Alþingi who did not approve of the planned merger of the left parties in Iceland that resulted in the founding of the Social Democratic Alliance...
.
Organization of the Ministry of Finance
The top civil servant in the Ministry of Finance is Baldur Gudlaugsson, who was appointed Permanent SecretaryPermanent Secretary
The Permanent secretary, in most departments officially titled the permanent under-secretary of state , is the most senior civil servant of a British Government ministry, charged with running the department on a day-to-day basis...
from November 1, 2000. From February 6 to April 30, 2009, Indridi H. Thorlaksson is acting Permanent Secretary while Mr. Gudlaugsson is on leave. He runs the ministry on a day-to-day basis and is the chief liaison between the Minister and the civil servants. There are six departments of the Ministry of Finance, each of which is headed by a Director-General
Director-general
The term director-general is a title given the highest executive officer within a governmental, statutory, NGO, third sector or not-for-profit institution.-European Union:...
. The Ministry staff numbers around 80 specialists and support personnel.
Administration Department
The Administration Department is responsible for general operations of the Ministry, preparation of the ministry's annual operational budget and supervision of the Ministry's information services. It is headed by Angantyr Einarsson since September 1, 2007.Budget Department
The Budget Department's main job is to oversee the production of the government's fiscal budget. In addition the Budget Department provides support for the supplementary budget and the government accounts bill. The Budget Office oversees relations with other Ministries and the Parliament concerning the preparation of the Treasury's budget. Nokkvi Bragason is in charge of this department since March 1, 2008.Economic Department
The Economic Department is in charge of economic studies in Iceland. This involves surveying the economic situation and its prospects, and forecasting economic trends based on macroeconomic models. The Economic Department is also responsible for providing the revenue forecast for the fiscal budget and performing research into tax and benefit systems. The department oversees the Treasury’s domestic and international cooperation concerning economic matters. Thorsteinn ThorgeirssonThorsteinn Thorgeirsson
Thorsteinn Thorgeirsson is an Icelandic economist who has been active in the discourse on domestic economic policy and currency arrangements.-Career:...
is Director-General for this department since January 1, 2005.
Financial Management Department
The Financial Management Department manages the government's assets and the Treasury fund. This department also ensures the proposed budget is carried out as per legal requirements and that the executive branch is run efficiently. The Director-General of this department is Thorhallur Arason.Personnel Policy Department
The main role of the Personnel Policy Department is to represent the Ministry in labor market matters and to present its views. The department also offers advice on the implementation and interpretation of laws, regulations, agreements and government decisions. The Wage Negotiations Committee of the government operates in close cooperation with the department. Gunnar Bjornsson is in charge of this department.Taxation and Legal Affairs Department
The main task of the department is to deal with tax matters, to draft bills for the Althingi and interpret existing laws. It also conducts research into the impact of existing taxes and tax changes. The Director-General of this department is Marianna Jonasdottir.Goals of the Ministry
The Ministry's main goals are:- Economic stabilityEconomic stabilityEconomic stability refers to an absence of excessive fluctuations in the macroeconomy. An economy with fairly constant output growth and low and stable inflation would be considered economically stable. An economy with frequent large recessions, a pronounced business cycle, very high or variable...
and a high standard of living - A balanced treasury over the longer term
- An economical and efficient tax environment
- Responsible and performance oriented management of state finances
- Transparent government operations and an effective organizational structure
- State of staff of the highest quality
- Delivery of a reliable service with the emphasis on professional work
Kingdom of Iceland (1918 – 1942)
- Björn Kristjánsson (1917)
- Sigurður EggerzSigurður EggerzSigurður Eggerz was Prime Minister of Iceland from 21 July 1914 to 4 May 1915, and from 7 March 1922 to 22 March 1924.-Career:...
(1917 – 1920) - Magnús GuðmundssonMagnús Guðmundsson (politician)Magnús Guðmundsson was an Icelandic politician. He graduated in laws from the University of Copenhagen in 1907. Magnus was a member of Althingi for his constituency in North west Iceland from 1916 till the day of his death in 1937...
(1920 – 1922) - Magnús Jónsson (1922 – 1923)
- Klemens Jónsson (Heimastjórnarflokkurinn) (1923 – 1924)
- Jón ÞorlákssonJón ÞorlákssonJón Þorláksson was Prime Minister of Iceland from 8 July 1926 to 28 August 1927. He was the only leader of the Conservative Party which merged with the Liberal Party to form the Independence Party in 1929, and the Mayor of Reykjavík from 1933 to his death.-Career:Jón Þorláksson was a farmer’s...
(Íhaldsflokkurinn) (1924 – 1927) - Magnús Kristjánsson (Progressive PartyProgressive Party (Iceland)The Progressive Party is an agrarian, liberal and centrist party in Iceland. The party is a member of the Liberal International. Current chairman of the party is Sigmundur Davíð Gunnlaugsson. He was elected on January 18, 2009. His predecessor was Valgerður Sverrisdóttir, who only served as...
) (1927 – 1928) - Tryggvi ÞórhallssonTryggvi ÞórhallssonTryggvi Þórhallsson was Prime Minister of Iceland from 28 August 1927 to 3 June 1932. He was a member of the Progressive Party....
(Progressive Party) (1928 – 1929) - Einar Árnason (Progressive Party) (1928 – 1931)
- Tryggvi ÞórhallssonTryggvi ÞórhallssonTryggvi Þórhallsson was Prime Minister of Iceland from 28 August 1927 to 3 June 1932. He was a member of the Progressive Party....
(Progressive Party) (1931) - Ásgeir ÁsgeirssonÁsgeir ÁsgeirssonÁsgeir Ásgeirsson was the second President of Iceland, from 1952 to 1968.Educated as a theologian, Ásgeir graduated with honours from the University of Iceland in Reykjavík in 1915, but was considered too young to be ordained as a minister. He married Dóra Þórhallsdóttir in 1917. Dóra was the...
(Progressive Party) (1931 – 1934) - Eysteinn Jónsson (Progressive Party) (1934 – 1939)
- Jakob Möller (Independence PartyIndependence Party (Iceland)The Independence Party is a centre-right political party in Iceland. Liberal conservative and Eurosceptic, it is the second-largest party in the Althing, with sixteen seats. The chairman of the party is Bjarni Benediktsson and vice chairman is Ólöf Nordal....
) (1939 – 1942)
Republic of Iceland (1942 – present)
- Björn Ólafsson (independent) (1942 – 1944)
- Pétur Magnússon (Independence Party) (1944 – 1947)
- Jóhann Þ. Jósefsson (Independence Party) (1947 – 1949)
- Björn Ólafsson (Independence Party) (1949 – 1950)
- Eysteinn Jónsson (Progressive Party) (1950 – 1954)
- Skúli Guðmundsson (Progressive Party) (1950 – 1954)
- Eysteinn Jónsson (Progressive Party) (1954 – 1958)
- Guðmundur Í. Guðmundsson (Social Democratic PartySocial Democratic Party (Iceland)The Social Democratic Party was an Icelandic Political Party based on social-democratic ideas. It was founded in 1916 as the political representation of the trade unions of Iceland....
) (1958 – 1959) - Gunnar ThoroddsenGunnar ThoroddsenGunnar Thoroddsen was Prime Minister of Iceland from 8 February 1980 to 26 May 1983. Gunnar is the youngest man ever elected to the Althing, Iceland's Parliament. He was 23 years old when he was elected as MP in 1934. He served as an Ambassador of Iceland in Denmark from 1965 to 1969 when he ran...
(Independence Party) (1959 – 1965) - Magnús Jónsson (Independence Party) (1965 – 1971)
- Halldór E. Sigurðsson (Progressive Party) (1971 – 1974)
- Matthías Á. Mathiesen (Independence Party) (1974 – 1978)
- Tómas Árnason (Progressive Party) (1978 – 1979)
- Sighvatur Björgvinsson (Social Democratic Party) (1979 – 1980)
- Ragnar ArnaldsRagnar ArnaldsRagnar Arnalds is a former Icelandic MP and twice cabinet minister. He studied literature and philosophy in Sweden from 1959 to 1961 and graduated with a law degree from the University of Iceland in 1968. He was editor of Frjáls Þjóð in 1960.Arnalds served as a Minister of Education and...
(People's AlliancePeople's Alliance (Iceland)The People's Alliance was an electoral alliance in Iceland from 1956 to 1968 and a political party from 1968 to 1998.-History:In 1916 the Social Democratic Party was formed in Iceland. In 1930 a split surged, thus forming the Communist Party of Iceland , recognised as the Icelandic section of the...
) (1980 – 1983) - Albert GuðmundssonAlbert GuðmundssonAlbert Sigurður Guðmundsson was the first Icelandic professional football player and played for, amongst others, Rangers, Arsenal, FC Nancy and AC Milan. After retiring from his sporting career he became a politician and was a member of Alþingi for 15 years, serving as Minister of Finance and...
(Independence Party) (1983 – 1985) - Þorsteinn PálssonÞorsteinn PálssonÞorsteinn Pálsson or Thorsteinn Pálsson is a former Prime Minister of Iceland for the Independence Party. He served from 8 July 1987 to 28 September 1988...
(Independence Party) (1985 – 1987) - Jón Baldvin HannibalssonJón Baldvin HannibalssonJón Baldvin Hannibalsson is an Icelandic politician.-Education:The son of Hannibal Valdimarsson, Jón Baldvin Hannibalsson earned an MA in Economics from University of Edinburgh in 1963. He studied at Stockholm University from 1963–1964, and studied teacher education at the University of Iceland in...
(Social Democratic Party) (1987 – 1988) - Ólafur Ragnar GrímssonÓlafur Ragnar GrímssonÓlafur Ragnar Grímsson is the fifth and current President of Iceland. He has served as President since 1996; he was unopposed in 2000, re-elected for a third term in 2004, and re-elected unopposed for a fourth term in 2008. He is the longest-serving left-wing president in the history of...
(Social Democratic Alliance) (1989 – 1991) - Friðrik SophussonFriðrik SophussonFriðrik Sophusson , is an Icelandic politician and company director. He was the former director of Icelandic state-run energy firm Landsvirkjun.-Career:...
(Independence Party) (1991 – 1998) - Geir H. Haarde (Independence Party) (1998 – 2005)
- Árni M. Mathiesen (Independence Party) (2005 – 2009)
- Steingrímur J. SigfússonSteingrímur J. SigfússonSteingrímur Jóhann Sigfússon is an Icelandic politician and Iceland's Minister of Finance. He has been a member of the Althing since 1983 and is the founding chairman of the Left-Green Movement...
(Left-Green MovementLeft-Green MovementThe Left-Green Movement is a left-wing political party in Iceland.It was founded in 1999 by a few members of Alþingi who did not approve of the planned merger of the left parties in Iceland that resulted in the founding of the Social Democratic Alliance...
) (2009–present)