Icelandic government control over the economy has reduced over time. The most dominant decision was when Iceland entered the European Economic Area (EEA) in 1994. When Iceland joined the EEA it got access to European markets and adopted European regulations. Joining the EEA had a positive impact on the economy, however opening an insular economy to the EEA without significant institutional reforms carried with it dangers. Neither the Icelandic authorities nor private firms were prepared to operate in such an environment. This is especially relevant in the case of banking where the aim of Icelandic government was to build up financial centre in Iceland. To be able to build up financial centre it was very important to join EES in order to have access to European markets and adopt European regulations. This was new experience for Iceland to have the access to foreign capital because for most of the 20th century the economy was heavily regulated.

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