Iceland

Iceland is not covered by IPI due to lack of fiscal transparency data. However, sufficient data exists to show that the country has good judicial independence, freedom of the press, enlightened citizenry and low administrative burden. Its apparent transparency showed its limits in the recent leaks and financial crises, which exposed top official profiting from conflict of interest under the guise of secrecy. Iceland has high popular demand for good governance, but it should learn its lesson and introduce some sanctions for conflict of interest, beef up financial disclosures for officials, transparency and banks supervision, as it well under the EU average on all these counts.