05/12/12

Permalink Iceland considers Canadian dollar instead of euro

Iceland's Prime Minister Johanna Siguardardottir has said the tiny Nordic country faces a choice between using the Canadian dollar or the euro. - "The choice is between surrendering the sovereignty of Iceland in monetary policy by unilaterally adopting the currency of another country, or becoming a member of the EU," she said in a speech at the Social Democrat Alliance party convention on Saturday (10 March) in Reykjavik. A spokesman for the country's foreign ministry on Wednesday clarified that, for her part, EU membership is the best option. Iceland is expected to hold a referendum on EU membership early next year, but the euro-crisis has shaken confidence in the Union as an economic safe haven.

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