Iceland Eyes EU Membership Vote by 2027

Iceland is considering a referendum on joining the European Union (EU), with a vote planned no later than 2027.

Prime Minister Kristrún Frostadóttir’s new government has pledged to assess the pros and cons of retaining the Icelandic krona versus adopting the euro. Incoming Foreign Minister Þorgerður Katrín Gunnarsdóttir, leader of the pro-EU Liberal Reform Party, is expected to lead any accession talks.

“We have agreed to present a motion in parliament for a referendum on resuming EU accession talks, to be held by 2027”

Incoming Foreign Minister Þorgerður Katrín Gunnarsdóttir

Iceland applied for EU membership in 2009 but withdrew its application in 2015. However, growing economic and geopolitical concerns such as the 2008 financial crisis, Brexit, and domestic challenges have renewed interest in joining the bloc.

A recent Maskína poll shows rising support, with 54% of Icelanders backing EU membership, citing potential financial benefits for households.

If Iceland joins, it will adopt the euro, a move already embraced by many Icelandic businesses that conduct transactions in euros for stability and better loan terms, according to a report by Ireland Review.

As a member of the Schengen Area, Iceland's travel arrangements are already aligned with the EU, so no changes in travel are anticipated.

What It Takes To Be An EU Member

To qualify for EU membership, a country must be European, adhere to democratic values, and meet several requirements, including effective institutions that maintain democracy and the rule of law, a functioning market economy, and the ability to adopt and implement EU responsibilities.

After meeting basic political, economic, and reform criteria, a country becomes an official candidate. It can then start formal negotiations with the EU around 35 policy chapters.

Once the negotiations and essential reforms are accomplished, an accession treaty is drawn. Before membership may be granted, all current EU member states as well as the applicant country must ratify this treaty.

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