The ACT is keen to support the development of the treasury profession across the EU and further afield in Europe. One or two of my sharper-eyed followers on Twitter will have noticed my appearance at the first finance and treasury conference held recently in Iceland. So what were my impressions?
Iceland has come through a ferocious downturn driven by the financial crisis. Icelandic banks and entrepreneurs drove a huge asset expansion internationally – both legally and illegally – but it came home to roost when those banks collapsed and were allowed to fail. Iceland’s currency, the króna, halved in value almost overnight, a huge political barney erupted and even for stoic Icelanders of Scandinavian descent, there was considerable emotional dislocation.
Iceland is a raw, windswept, physically beautiful environment
More recently, the Icelandic economy has been growing steadily, but modestly, at 2-3% per annum, unemployment has fallen to 4.5% (half the amount it was at its peak) and the budget deficit that reached 13.5% of GDP in 2009 fell to 2.3% last year. Nevertheless, it will take time to heal some deep social wounds from the banking collapse. Some 99% of Iceland’s energy needs are freely met by geothermal sources, which has helped to create new export-driven industries, especially in aluminium smelting. Meanwhile, the fall in the króna has driven increasing volumes of inward tourism. 
For any of you who have never been, Iceland is a raw, windswept, physically beautiful environment, which is mostly self-sufficient in food and natural materials. The natural challenges they face have made the people here tough, tenacious and very diligent, but charming and welcoming to visitors. I would thoroughly recommend a visit!
It seems that 1,200 years of Viking settlement have bred a resourceful and spiritual people. Despite the setbacks it has suffered, Iceland has a sophisticated and professional business class that is eager to learn and implement good treasury practice. The people I met were optimistic about re-basing the economy away from financial services and becoming part of the international business community again. I have every expectation that a formal professional treasury and finance association will take root and become part of the wider European treasury community.
Peter Matza is engagement director at the ACT