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" ... Conversely, Iceland’s currency the krona – which had fallen 1% yesterday amid fears that WOW’s demise would hurt tourism in the country – surged 2% in early morning trading. ... "
" ... I cover travel and lifestyle for ForbesLife, with a focus on uncovering singular destinations and experiences that are authentic and unforgettable. I have a passion for design and am always on the lookout for extraordinary finds—from jewelry to home furnishings—but I have a knack for recognizing what’s worth your dollar (or euro, yen, or krona). As an international reporter for Forbes early in my career, I traveled the world covering topics ranging from the best hoteliers to Italian racing rivals to solo exploring on Australia’s Great Barrier Reef. My work has also appeared in Condé Nast Traveler, Global Traveler, Maxim, and Modern Bride, among other publications. When I’m not writing I’m usually wishing I were in Italy and planning my next trip there. Visit my website, www.alexkirkman.com, and follow me on Twitter: @AlexKirkles and Instagram: @AKirkles. ... "
" ... It’s not just that a currency area is limited to a one-size-fits-all monetary policy; even more important is the loss of a mechanism for adjustment. For it seemed to the creators of OCA, and continues to seem now, that changes in relative prices and wages are much more easily made via currency depreciation than by renegotiating individual contracts. Iceland achieved a 25 percent fall in wages relative to the European core in one fell swoop, via a fall in the krona. Spain probably needs a comparable adjustment, but that adjustment, if it can happen at all, will require years of grinding wage deflation in the face of high unemployment. ... "