European Central Bank: Iceland Must Join EU Skip to content

European Central Bank: Iceland Must Join EU

Director of the European Central Bank (ECB) Jürgen Stark said during the convention held by the Iceland Chamber of Commerce yesterday that proposals on Iceland adopting the euro without joining the EU are unrealistic.

“We don’t like it when countries try to adopt the euro through the back door,” Stark said, according to Fréttabladid. “Iceland’s government must decide and take responsibility for the consequences involved in the risk of adopting the euro without joining the union.”

“The ECB is against adopting the euro in such a way and will not support such a decision,” Stark added. “Our policy has also been confirmed within the EU itself.”

Percy Westerlund, the EU ambassador for Iceland, said the union’s policy on this matter is clear. “I believe it could lead to conflicts. Iceland and the EU are close.”

“You are part of the European Economic Area [EEA]. You are involved with the Schengen cooperation. You belong to our closest allies. If a close ally decides to take a step like this, which totally breaches the basic regulations of the other, it will not go down well,” Westerlund concluded.

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