Iceland’s new government has unfolded plans to put the question of European Union membership to a referendum by 2027.
The new administration of Prime Minister Kristrún Frostadóttir also said that it would set up a panel of experts to consider the advantages and disadvantages of maintaining the Icelandic krona or adopting the euro, Schengen.News reports.
We agreed that a motion in parliament be agreed upon, stating that we will have a referendum on the continuation of Iceland’s European Union accession talks and that this referendum be held no later than 2027.
Foreign Minister Þorgerður Katrín Gunnarsdóttir
The Foreign Minister Gunnarsdóttir is expected to take charge of accession talks, according to a report from EuroNews.
Iceland’s Journey Towards EU Accession
Iceland applied for EU accession on July 17, 2009, while on February 24, 2010, the Commission delivered a positive opinion and recommended the opening of accession negotiations.
On June 17, 2010, the Council said that Iceland had met all the needed conditions and that accession negotiations should be opened. However, in 2013, the government of Iceland decided to put accession negotiations on hold, But the EU stressed that it would be ready to continue the negotiation process should Iceland decide to resume them.
The 2008 financial crisis, as well as Brexit and other domestic issues, have now led authorities in Iceland in order to reconsider the potential EU accession.
In addition, a poll from research company Maskína indicated that a significant majority of the nation supports a referendum on EU membership in the next election.
The poll by Maskína was conducted between June 12 and 20. Based on this survey, a total of 54.3 per cent of respondents voted in favour of joining the bloc. In addition, a total of 74.2 per cent of respondents considered it important for a referendum to be held on further negotiations on membership to the European Union.
In this regard, former Prime Minister Þorsteinn Pálsson called the results decisive but not surprising.
[The results make] it clear, in my opinion, that this issue can no longer be kept off the political agenda.
former Prime Minister Þorsteinn Pálsson
The poll also showed that a total of 66.8 per cent of respondents believed that households would be better under the European Union.
If Iceland joins the EU, it means that it will also adopt the Euro. According to a report from Ireland Review, many businesses in Iceland have already chosen to keep their books in euros due to its stability and more favourable loans.