The small island nation of Iceland—population about that of Wichita, Kansas—will vote on Saturday on the question of whether to reinstate talks, suspended more than a decade ago, about joining the European Union.
This is not mainly a matter of economic calculation: As a member in good standing of the European Economic Area, Iceland already enjoys the major economic benefits of EU membership—free movement of goods, services, capital, and people—but retains control of its own currency and enjoys somewhat wider policy discretion than it would as a full EU member.