The article, which appeared in the opinion section on the Financial Times website
last night and is expected in print form tomorrow, is entitled “Iceland’s election is a signal to the rest of Europe.”
In the article, Steingrímur attempts to account for why Icelandic voters chose to reinstate the right wing parties that led them into the 2008 crisis in spite of the relative success of the outgoing centre-left coalition in stabilizing the economy and lowering unemployment.
Steingrímur centres the article around what he calls a “fundamental question,” namely whether “any politician can meet the unrealistic expectations of Europe’s voters.” He criticizes the materialistic consumerism and insatiable demand for economic growth which he claims right-wing parties exploit in order to lure voters with extravagant promises about increasing consumer power.
Steingrímur argues that such promises of increasing consumer power through tax cuts and de-regulation are short-sighted, opportunistic and do not take sustainable growth into account.
He ponders why the left-centre coalition suffered such an outstanding defeat after having managed to lead the country towards economic recovery whilst sparing low-income groups the austerity measures which have been increasingly implemented elsewhere in Europe.
After considering the claims that the coalition’s defeat was due to a lack of boasting about their success or disunity within the coalition, he again suggests the role of unrealistic voter expectations: “the truth is that we were beaten by the enormity of the task and the importance of public expectations.”
In this way, Steingrímur not only challenges European politicians to weigh short-term profits against long-term stability and sustainability but he also urges European voters to re-evaluate their own expectations.
Steingrímur J. Sigfússon, outgoing Minister of Employment, has caused a local stir by publishing an article in the Financial Times wherein he attempts to account for the upset in the recent Parliamentary elections.