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Iceland-Norway Monetary Union Considered

Minister of Finance and Left-Green Movement chairman Steingrímur J. Sigfússon has expressed interest in pegging the Icelandic króna to the Norwegian króna, saying that the currency question is an important project for Iceland’s future.

“I believe it is an option that we should look into, in the same way as other options, when we report on the opportunities Iceland has,” Sigfússon told Fréttabladid. “We must review all possibilities and this is certainly one of them.” Sigfússon intends to thoroughly explore the option of a monetary union between the two countries.

An op-ed in Norwegian newspaper Dagens Naeringsliv explores the country buying Icelandic debt as a preventive measure against EU membership.

However, Icealndic Minister of Business Affairs Gylfi Magnússon has said that he finds an Iceland-Norway monetary union an unlikely future solution for his country and that cooperation between the countries would not necessarily mean that Iceland would adopt the Norwegian króna.

“It is very healthy to have discussions with Norway to see what our options are,” Magnússon concluded.

Norway’s Minister of Finance Kristin Halvorsen is expected to come to Iceland next weekend during the ten year anniversary of the Left-Green Movement.

Related posts:

  1. Norway To “Buy” Iceland?
  2. European Union Rift Over Iceland
  3. Dentist Leaves Iceland To Escape Taxes
  4. Norway To Back Palestinian State
  5. Iceland Parliament To Vote On EU Membership

Posted in Independant People.

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2 comments

By NewsGuy – February 4, 2009

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Continuing the Discussion

  1. European Union Rift Over Iceland | The Right Perspective linked to this post on February 6, 2009

    [...] is one of several options Iceland, knocked unconcious by the worldwide economic meltdown, is considering. The new Red-Green Socialist governement has launched an exploratory committee on the matter and [...]

  2. Iceland Shifts To The Left | The Right Perspective linked to this post on April 26, 2009

    [...] It is expected that Sigurdardóttir will have to find a compromise on the issue with ruling coalition partner  the Left Green Movement, which has been steadfast in its opposition to joining the EU. The Left Greens have proposed several alternatives, including a monetary union with Norway. [...]

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