However, Jürgen Stark, a Member of the Executive Board of the European Central Bank, has stated that "Iceland would not be able to adopt the EU currency without first becoming a member of the EU".
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Spanish Foreign Minister Miguel Ángel Moratinos, who then held the Presidency of the European Union, has said that the Icesave dispute does not impact Iceland's application.
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The Icelandic language would also be one of the smallest official languages of the EU in terms of native speakers (together with Irish and Maltese).
Soviet Union | Iceland | European Union | Union Army | rugby union | European Parliament | Union | Member of the European Parliament | European Commission | International Telecommunication Union | trade union | European Space Agency | Union (American Civil War) | Union Pacific Railroad | England national rugby union team | European | European Court of Human Rights | American Civil Liberties Union | Wales national rugby union team | New Zealand national rugby union team | Ireland national rugby union team | European Court of Justice | Western Union | Scotland national rugby union team | International Astronomical Union | Georgia national rugby union team | Trade union | International Union for Conservation of Nature | European Economic Community | Border Union Railway |
If the accession of Iceland to the European Union occurs, the EU will increase its Arctic influence and possibly gain permanent observer status in the Arctic Council.
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It has three (and if the accession of Iceland to the European Union occurs, potentially four) Arctic Council states amongst its members.