Iceland and Norway Monetary Union Considered Skip to content

Iceland and Norway Monetary Union Considered

By Iceland Review

Minister of Finance Steingrímur J. Sigfússon is interested in pegging the Icelandic króna to the Norwegian króna and intends to thoroughly explore the option, saying that the currency question is an important project for Iceland’s future.

“I believe it is an option that we should look into, in the same way as other options, when we report on the opportunities Iceland has,” Sigfússon told Fréttabladid. “We must review all possibilities and this is certainly one of them.”

However, Minister of Business Affairs Gylfi Magnússon has said that he finds a monetary union with Norway an unlikely future solution for Iceland and that cooperation between the countries wouldn’t necessarily mean that Iceland would adopt the Norwegian króna.

“It is very healthy to have discussions with Norway to see what our options are,” Magnússon concluded.

Norway’s Minister of Finance Kristin Halvorsen is expected to come to Iceland next weekend during the ten year anniversary of the Left-Green Movement, of which Sigfússon is chairman.

Copyright of photo: Icelandic Photo Agency.

Sign up for our weekly newsletter

Get news from Iceland, photos, and in-depth stories delivered to your inbox every week!

* indicates required

Subscribe to Iceland Review

In-depth stories and high-quality photography showcasing life in Iceland!