Iceland and Ireland, similarities and differences...

Elaine Byrne

What's the difference between Ireland and Iceland? I set off with Prime Time last week to find out why the two countries' reactions to the economic crisis have been so vastly different.

There are stunning parallels in recent Irish and Icelandic history. We've both had an economic busts caused by a banking collapse which was, in turn, the result of a complete lack of governmental or regulatory oversight. Yet the differences between how each society has reacted to the events is perhaps more interesting.

In Iceland the People surrounded parliament banging pots and pans and demanded the government step down. The politicians walked out and a citizen's assembly was formed. 1000 individuals were picked at random and asked to play their play in Iceland's revival. A deep and wide-ranging inquiry into the banking collapse was established with various senior bankers called to give evidence. Several have been prosecuted. The government has changed, with the new prime minister admitting there have been failings of governance and the political classes. The people have demanded a dedication to political transparency.

Irish citizens, in contrast, have yet to take to the streets in large numbers, despite the appearance of outrage against the introduction of NAMA. The parties in power during the collapse are still in place. Apathy, it seems, abounds. The main part of the banking inquiry has yet to begin. There has not been a single be a prosecution against a senior figure in the banking sector.

During the trip I attempted to learn why there is such contrast between the reactions, despite the similarities in what occurred. Do we trust our Government more than the Icelanders did? Is that why people have yet to protest in large numbers? Or is it due to a cultural difference stretching back generations?

A lot was learned on the trip but I'm interested in other people's answers to the above questions. Your questions and comments can be posted below, I'll pop in and out over the next day or so to respond. Thanks in advance.