Iceland's President Olafur Ragnar Grimsson Talks About Lessons Learned

Iceland’s President Olafur Ragnar Grimsson took the PopTech stage in Camden Maine on October 20, 2011, where he discussed economic crises and how to handle them in a way that will ensure long term sustainability of a country. He used his own as an obvious example, which has not only faced economic issues but natural disasters over the past year.

President Grimsson spoke about how he made a choice for his country that would either make farmers, local businesses and individuals take responsibility for their own decisions which would impact the financial health of the country OR turn to/blame the force of the market.

He chose to choose the democratic will of the people, which he says, hasn’t brought on the dark results that everyone predicted it would.

In his day, he reminded the audience, demonstrations and protests were the only way to get noticed and bring about change. “Now,” he says, “we are now seeing people power in its purest form, enhanced by social media. The fundamental essence remains to challenge political institutions as never before.”

"The power of the people through social media has dramatically accelerated change, making the traditional political decision making process has almost become a side show," he says.

Below are some lessons he has learned from Iceland: 

• Significance of China. "The arrival of China is here now, not ten or twenty years from now," he says. "The leadership of China was the one of the most successful discussions following the collapse of the banking system than any other country we talked to, including Germany, Italy, U.S., France and others."

• The banks have become high tech companies, threatening the growth of the creative sectors of our economies. He says, "What we learned in Iceland, when the banks collapsed, is that the pool of talent from the banks were suddenly all available. "Even if the banks are successful, it’s bad news for a country that wants to be a player in the creative economy," he adds.
• The importance of clean energy. The lesson learned is that if you have built up a clean energy economy, it  will help you fight against financial crisis in the future. It provides people with a lot of energy at a low cost.