Iceland's EU Membership Quandary

EU Enlargement Commissioner Stefan Fuele said June 22 that Iceland's EU accession talks are advancing quickly. Iceland applied for EU membership in 2009, and talks on its membership began in 2010 — after the country's financial crisis led to the collapse of its financial sector. Iceland's currency, the krona, depreciated greatly and remains weak. Most of Iceland's population supported the government's idea to adopt a foreign currency as domestic legal tender in order to rebuild trust in Iceland's financial sector and economy. Reykjavik therefore applied for EU membership with the intention of joining the eurozone.

Of the countries holding EU accession talks, Iceland would be the easiest for the union to integrate. Reykjavik already has strong ties to continental Europe, especially with the other Nordic countries. The remaining disputes between EU member countries and Iceland are more likely to be resolved than those between the European Union and other candidate states (Turkey, Serbia, Montenegro and the Former Yugoslav Republic of Macedonia). However, EU membership would bring major changes to Iceland, especially its fishing industry. Therefore, domestic opposition to EU membership will persist, and Iceland's accession will remain uncertain until after a popular vote on the matter, likely to be held next year.