(Answered) : Please Paraphrase Summarize 600 Words Iceland Reform Iceland Small Country Currency Large Q31220832

Please paraphrase and summarize about (600 words )

Iceland Reform

Iceland is a small country with its own currency and a large,internationally exposed financial industry. Although greatersupervision may have lessened the severity of the collapse, itseconomic model, which was dependent on an oversized financialsector, was inherently flawed. Iceland has made strong attempts tocorrect the errors in its regulatory system, which will restrictfuture banks from growing to such unsustainable levels. However,legal reform alone may not be enough to prevent another crisis. Thesupervisory system, in particular the FME, failed to exercise powerover the banks even when it had the legal capacity. A correspondingchange in