Iceland fast tracked for EU membership

| 27 July 2009 19:17

From the FT.

Iceland’s bid to join the European Union received a boost on Monday when the 27-nation bloc’s foreign ministers agreed without delay to ask the European Commission for its opinion.

The swift decision means that Iceland, which only submitted its membership application on July 17, has already moved ahead of Balkan countries such as Bosnia-Herzegovina and Serbia in the queue at the EU’s entry door.

The speed at which the EU is likely to process the application reflects the fact that Iceland, as a member of the European Economic Area trading system, already participates in the European single market and applies about two-thirds of all EU laws.

Moreover, Iceland belongs to the EU’s Schengen agreement, which permits passport-free travel across the borders of 25 European countries.

At present there are only three official candidates for EU membership – Croatia, the former Yugoslav republic of Macedonia and Turkey – and each faces formidable obstacles on the road to entry.

Iceland is the kind of member the EU wants.  No wonder they are on the fast track.  But, this is sure to annoy the Baltics, the Turks, and the Balkan countries waiting on the outside.  The FT sees 2011 or 2012 as the earliest Iceland can join.

avatar About Edward Harrison

Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages, a skill he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.

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1 Comment

  1. avatar Name says:
    28 July 2009 at 08:09

    I can tell you a scoop:

    They will be vetoed by UK till they pay back the bank deposits.