Coasean Icelandic waffles

Agreement has been reached on the controversial wage agreement for members of four Icelandic unions. This means that major strike action will be called off.

The Icelandic Union of Commercial and Office Workers (VR), the Commercial Federation of Iceland (LÍV), Flóabandalagið and Stéttarfélag Vesturlands have agreed to a final version of the agreement and the characteristic aroma of waffles has filled the negotiation venue.

Making waffles is a traditional Icelandic way of marking and celebrating the successful conclusion of negotiation of this type.

The story is here, good photo of political leadership.  Note that some of the unions were asking for fifty percent pay hikes and threatening strikes, I believe they did not get everything they were asking for.  Yet not all is well and one can only hope that more waffling is in order:

Wage disputes remain ongoing with the Icelandic Nurse’s Association, the Icelandic Association of Academics (BHM) and the Icelandic Professional Trade Association (SGS) and strike action planned by members of these unions remains on the timetable.

For the pointer I thank Peter Kobulnicky.