Iceland is facing a major decision, with a referendum on their potential EU membership, which will be held by 2027. This debate touches upon issues such as immigration, economics and sovereignty. But…
With all the disadvantages, namely you lose monetary sovereignty and just because it’s the same currency doesn’t mean it’s worth the same across the bloc.
Iceland has a small economy and its biggest trade partner is the EU, they’re already a member of EFTA. The Euro would benefit them more than harming them, the real issue was always fishing rights and legislation
Not how it works. Euro isn’t just a straight upgrade for many countries. See Croatia for a recent example - a lot of inflation and increased prices after adoption.
Why keep national currency? Having one currency across the entire Bloc has the advantage that you don’t have to exchange currencies.
With all the disadvantages, namely you lose monetary sovereignty and just because it’s the same currency doesn’t mean it’s worth the same across the bloc.
Iceland has a small economy and its biggest trade partner is the EU, they’re already a member of EFTA. The Euro would benefit them more than harming them, the real issue was always fishing rights and legislation
Then they have nothing to gain with joining the euro.
Voting rights?
EFTA is practically “I’m in the EU but cannot vote along” which is a pretty big disadvantage, if you ask me.
Not how it works. Euro isn’t just a straight upgrade for many countries. See Croatia for a recent example - a lot of inflation and increased prices after adoption.