Editing Icelandic króna (section)

===Iceland and the euro===
Theoretically, the adoption of the euro could have several advantages. Adopting what is perceived by some as a historically stronger currency might help Iceland to "avoid the turbulence surrounding speculations in international financial markets".<ref name="Iceland's currency dilemma">{{Cite web |url=http://www.ifo.de/pls/guestci/download/CESifo%20Forum%202006/CESifo%20Forum%202/2006/forum2-06-special.pdf |title=Archived copy |access-date=2009-10-29 |archive-date=2011-07-19 |archive-url=https://web.archive.org/web/20110719043947/http://www.ifo.de/pls/guestci/download/CESifo%20Forum%202006/CESifo%20Forum%202/2006/forum2-06-special.pdf |url-status=dead }}</ref> In addition, Icelandic economists listed several arguments in favour of the euro before the crisis. "In terms of growth potentials and welfare, the euro could be expected to bring lower long-term interest rates [...]. This would of course increase capital investment and labour productivity. The euro might lower consumer prices by facilitating a comparison with other euro countries."<ref name="Iceland's currency dilemma"/>
Because of the volatility between the euro and the krona, former [[Minister for Foreign Affairs of Iceland|Foreign Minister]] [[Valgerður Sverrisdóttir]] considered the idea that Iceland might [[dollarize]] itself into the [[Eurozone]] without joining the European Union.{{Citation needed|reason=claimed to be from Norwegian news NRK|date=June 2009}}

Opinion regarding the euro is mixed among Icelanders. An opinion poll about Iceland joining the European Union released on 11 September 2007 showed that 53% of respondents were in favour of adopting the euro, 37% opposed and 10% undecided.<ref>Olafsdottir, Audbjorg. [https://www.reuters.com/article/bondsNews/idUSL1111656420070911 "Euro support in Iceland hits five-year high"]. [[Reuters]]. 11 September 2007.</ref> Another poll produced for the Icelandic newspaper ''Fréttablaðið'' and released on 30 September 2007 showed 56% opposed to euro adoption and 44% in favour.<ref>[http://www.mbl.is/mm/frettir/innlent/frett.html?nid=1294123 "Meirihluti andvígur upptöku evru"] (Icelandic). ''[[Morgunblaðið]]''. 30 September 2007.</ref> In January 2008, a poll by the Icelandic Chamber of Commerce put support for Iceland to abandon the krona for another currency at 63%. A number of companies in Iceland, such as [[Össur]], have started to pay their employees in euros or US dollars, mainly due to the high inflation and high volatility.<ref>Furlong, Ray. [http://news.bbc.co.uk/1/hi/business/7651313.stm "Iceland's financial freeze"]. [[BBC]]. 3 October 2008.</ref>

The [[2008 financial crisis]] prompted further calls for Iceland to join the Eurozone. In January 2009, one senior Icelandic official stated that due to the crisis "the krona is dead. We need a new currency. The only serious option is the euro."<ref>[https://www.theguardian.com/world/2009/jan/30/iceland-join-eu Iceland to be fast-tracked into the EU], the Guardian</ref> In March 2009, a report by Iceland's Minister for Foreign Affairs, Össur Skarphédinsson, considered three options: retaining the krona, adopting the euro without joining the EU and adopting the euro through EU membership. The report recommended the third option.<ref>[http://www.icelandreview.com/icelandreview/daily_news/?cat_id=29314&ew_0_a_id=321992 "Could EU Application Save Billions for Iceland?"] {{Webarchive|url=https://web.archive.org/web/20120217172316/http://www.icelandreview.com/icelandreview/daily_news/?cat_id=29314&ew_0_a_id=321992 |date=2012-02-17 }}, Iceland Review Online, 27 March 2009</ref>

An economic study of the impact of the adoption of the euro by Iceland found that the Icelandic krona acts both as a barrier and buffer to international trade, and that by joining the EU and adopting the euro, Icelandic international trade might be 60% higher.<ref>{{cite journal|url=https://rafhladan.is/handle/10802/4769|title=Out in the cold? Iceland's trade performance outside the European Union and European Monetary Union|first1=Francis|last1=Breedon|first2=Thórarinn G.|last2=Pétursson|date=1 September 2006|journal=Cambridge Journal of Economics|volume=30|issue=5|pages=723–736|access-date=2 April 2018|via=cje.oxfordjournals.org|doi=10.1093/cje/bei105}}</ref>

In July 2009, the Alþingi (parliament) narrowly voted to apply for EU membership, but that application has been frozen since 2013 (see [[accession of Iceland to the European Union]]).

In March 2015, Icelandic authorities announced by letter to the Presidency of the Council of the European Union that Iceland should not be seen as candidate state, and that there were no specific plans to continue any membership process.<ref>[http://www.mfa.is/news-and-publications/nr/8377 "Government considers Iceland no longer an EU candidate"] Ministry for Foreign Affairs</ref> Leaders of the ruling government parties have also stated that the krona will remain as Iceland's currency for at least the foreseeable future.