The external influences shaping the Ministry´s work have changed in many respects during the last ten years. The demands upon the public service have increased, through the influence of the Ombudsman of the Althing; the independent status accorded to of the National Audit Bureau, through the new Administration Act and the Information Act.
Obligations to the international arena have also changed through membership in the European Economic Area, the strengthened cooperation between Nordic countries and by other influences.
It should also be recognised that during this decade the domestic economy has become increasingly similar to that of other countries; prices are stable, business has been widely liberalised and economic management in this country has become similar to neighbouring countries. In light of this, the Ministry faces new tasks and its working methods must be determined accordingly.

The tasks of the Ministry are:
- To promote economic stability, adequate economic growth, increased employment and a higher standard of living by the pursuit of economic and fiscal policies.

- To pursue tax, expenditure and borrowing policies that strengthen business enterprises equitable to individuals and strengthen the welfare system. Government budgeting should be strengthened and adjusted to the changed emphasis of government operations.

- To make a concentrated effort to improve and innovate in government operations. The increased responsibility of agencies and personnel should be given special attention through the development of performance management.

- To improve the relations of the Ministry with the public, the media and interest groups. Various documents regarding fiscal finances should be prepared for publication domestically and abroad.

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