Vol. 8 no. 2 July 2006

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Contents and editorial information

Introduction
Worse inflation outlook calls for a significantly tighter stance

Economic and monetary developments and prospects
The inflation outlook deteriorates due to depreciation of the króna and rising wage costs

II External conditions and exports

III Financial conditions

IV Domestic demand and output

V Public sector finances

VI Labour market and wage developments

VII External balance

VIII Inflation developments and inflation forecast

IX Monetary policy

Financial markets and Central Bank measures
Domestic markets calmer

Davíd Oddsson, Chairman of the Board of Governors of the Central Bank of Iceland
Challenging times

Gudrún Yrsa Richter and Daníel Svavarsson
Effective exchange rate calculations

Article IV Consultation: Concluding Statement of the International Monetary Fund

Monetary policy and instruments

Economic and monetary chronicle

Tables and charts