Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership
Iceland is a member of the European Free Trade Association, the European Economic Area and Schengen. It was a European Union candidate country until recently, when its government decided to withdrew its European Union membership application. The European Economic Area agreement currently ensures Ice...
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General Association of Economists from Romania
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ftdoajarticles:oai:doaj.org/article:b48f9e547ebb4fa0aa0fe444d10e6614 2023-05-15T16:42:40+02:00 Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership Hilmar Þór HILMARSSON 2018-03-01T00:00:00Z https://doaj.org/article/b48f9e547ebb4fa0aa0fe444d10e6614 EN eng General Association of Economists from Romania http://store.ectap.ro/suplimente/International_Finance_and_Banking_Conference_FIBA_2018_XVI.pdf#page=15 https://doaj.org/toc/1841-8678 https://doaj.org/toc/1844-0029 1841-8678 1844-0029 https://doaj.org/article/b48f9e547ebb4fa0aa0fe444d10e6614 Theoretical and Applied Economics, Vol XXV, Iss Special, Pp 15-30 (2018) economic integration small states iceland global crisis economic policy Business HF5001-6182 Economic theory. Demography HB1-3840 Economics as a science HB71-74 article 2018 ftdoajarticles 2022-12-31T03:07:39Z Iceland is a member of the European Free Trade Association, the European Economic Area and Schengen. It was a European Union candidate country until recently, when its government decided to withdrew its European Union membership application. The European Economic Area agreement currently ensures Iceland’s access to the European Union’s common market. The question remains what is the most feasible arrangement for long term prosperity of Iceland? Should it continue to rely on the current arrangement? Should it seek European Union membership in the future and perhaps subsequently become part of the Euro Area? What are the possible advantages and disadvantages for Iceland joining the European Union and the Euro Area? These questions have economic, political as well as security dimensions. According to the article EFTA membership and the EEA agreement appear to be the best arrangement for Iceland at present. The EEA agreement decision shaping under the two-pillar structure of EEA EFTA bodies that match those on the EU side has so far served well. The three EEA countries have some modest influence under this system and this arrangement ensures access to the internal EU market. This can change in the medium or long-term and the decision made by the government of Iceland that Iceland should not be considered a candidate or potential EU candidate country may have been short sighted. Iceland should not make any decisions that cannot be reversed given how quickly the global environment can change. Article in Journal/Newspaper Iceland Directory of Open Access Journals: DOAJ Articles Pillar ENVELOPE(166.217,166.217,-77.583,-77.583) |
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Directory of Open Access Journals: DOAJ Articles |
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language |
English |
topic |
economic integration small states iceland global crisis economic policy Business HF5001-6182 Economic theory. Demography HB1-3840 Economics as a science HB71-74 |
spellingShingle |
economic integration small states iceland global crisis economic policy Business HF5001-6182 Economic theory. Demography HB1-3840 Economics as a science HB71-74 Hilmar Þór HILMARSSON Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership |
topic_facet |
economic integration small states iceland global crisis economic policy Business HF5001-6182 Economic theory. Demography HB1-3840 Economics as a science HB71-74 |
description |
Iceland is a member of the European Free Trade Association, the European Economic Area and Schengen. It was a European Union candidate country until recently, when its government decided to withdrew its European Union membership application. The European Economic Area agreement currently ensures Iceland’s access to the European Union’s common market. The question remains what is the most feasible arrangement for long term prosperity of Iceland? Should it continue to rely on the current arrangement? Should it seek European Union membership in the future and perhaps subsequently become part of the Euro Area? What are the possible advantages and disadvantages for Iceland joining the European Union and the Euro Area? These questions have economic, political as well as security dimensions. According to the article EFTA membership and the EEA agreement appear to be the best arrangement for Iceland at present. The EEA agreement decision shaping under the two-pillar structure of EEA EFTA bodies that match those on the EU side has so far served well. The three EEA countries have some modest influence under this system and this arrangement ensures access to the internal EU market. This can change in the medium or long-term and the decision made by the government of Iceland that Iceland should not be considered a candidate or potential EU candidate country may have been short sighted. Iceland should not make any decisions that cannot be reversed given how quickly the global environment can change. |
format |
Article in Journal/Newspaper |
author |
Hilmar Þór HILMARSSON |
author_facet |
Hilmar Þór HILMARSSON |
author_sort |
Hilmar Þór HILMARSSON |
title |
Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership |
title_short |
Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership |
title_full |
Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership |
title_fullStr |
Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership |
title_full_unstemmed |
Iceland and its participation in European economic integration: advantages and disadvantages of European Union and Euro Area membership |
title_sort |
iceland and its participation in european economic integration: advantages and disadvantages of european union and euro area membership |
publisher |
General Association of Economists from Romania |
publishDate |
2018 |
url |
https://doaj.org/article/b48f9e547ebb4fa0aa0fe444d10e6614 |
long_lat |
ENVELOPE(166.217,166.217,-77.583,-77.583) |
geographic |
Pillar |
geographic_facet |
Pillar |
genre |
Iceland |
genre_facet |
Iceland |
op_source |
Theoretical and Applied Economics, Vol XXV, Iss Special, Pp 15-30 (2018) |
op_relation |
http://store.ectap.ro/suplimente/International_Finance_and_Banking_Conference_FIBA_2018_XVI.pdf#page=15 https://doaj.org/toc/1841-8678 https://doaj.org/toc/1844-0029 1841-8678 1844-0029 https://doaj.org/article/b48f9e547ebb4fa0aa0fe444d10e6614 |
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1766033057534443520 |