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They are already in the European Economic Area (as part of EFTA). Therefore, economically and in terms of "internal market" legislation, nothing would change.

EU accession in this case is all about Eurozone accession, that is, a Bundesbank bailout and takeover of Iceland.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma

by Migeru (migeru at eurotrib dot com) on Mon Mar 8th, 2010 at 10:35:10 AM EST
[ Parent ]
I wasn't aware of that, thanks.
by Upstate NY on Mon Mar 8th, 2010 at 01:00:55 PM EST
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But that is central to the whole Icesave dispute: Icelandic banks were able to operate in the say they did because of EU common market freedoms, whereas the regulation of cross-border banking and in particular of deposit insurance was totally deficient. See the article linked to here.

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Mon Mar 8th, 2010 at 02:08:55 PM EST
[ Parent ]
require EFTA to expel Iceland or have certain important trade agreements with the EU...ummm...renegotiated.

The Hun is always either at your throat or at your feet. Winston Churchill
by r------ on Mon Mar 8th, 2010 at 07:03:22 PM EST
[ Parent ]
Which part of the regulation of cross-border banking and in particular of deposit insurance was totally deficient is unclear? How about EFTA and the EU go a little easier on the free market religion?

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Tue Mar 9th, 2010 at 01:52:58 AM EST
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Fantasizing about the EU throwing its weight around is apparently fun.

Bomb bomb bomb Starve starve starve externalized scape goat.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se

by A swedish kind of death on Tue Mar 9th, 2010 at 04:07:43 AM EST
[ Parent ]
And on negative side for Iceland it would mean Iceland joining the disastrous fishing regulation of the EU.

Sweden's finest (and perhaps only) collaborative, leftist e-newspaper Synapze.se
by A swedish kind of death on Tue Mar 9th, 2010 at 04:03:51 AM EST
[ Parent ]

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