Thank you for your answers, both of you. Two more questions:
How many times during the does the reaction need acid catalysis? My textbook says one (when the hydroxy group formed from the carbonyl oxygen is about to leave), but wouldn't an acid also make the carbonyl carbon more attractive already in the first step by protonating the double bonded oxygen (the mechanism below)?
If the iodine act as a catalyst through I
+, which I guess in turn will act as a lewis acid on the carbonyl oxygen, what leaving group will be formed? IO? I
2O? Are oxygen and iodine compounds of that kind really stable?