Iceland should consider joining the European Union to strengthen its economy and better cope with rising geopolitical rivalries in the Arctic and global trade tensions, according to the Icelandic finance minister.
In an interview with Reuters, the minister argued that EU integration would allow the country to better withstand pressure from more powerful economic partners. This stance comes as the debate on closer ties with Brussels has returned to the forefront of Icelandic politics.
The Icelandic government has scheduled a vote for August 29th on resuming accession negotiations with the European Union. This vote does not yet concern actual EU membership, but only the restart of the discussion process with Brussels. Any final agreement would then require a second referendum.
Iceland, a NATO member but without a standing army, occupies a strategic position in the North Atlantic, close to key shipping lanes. This situation reinforces its importance in a context where Arctic issues are taking on increasing importance, particularly in terms of security and resources.
The Finance Minister also emphasized that joining the European Union could help reduce the cost of living in what is considered one of the most expensive countries in the world. He argued that deeper integration into the European market would offer significant economic benefits for households and businesses.
Iceland had previously engaged in accession talks with the European Union, before suspending them in 2013 following the rise to power of a Eurosceptic government. The current debate therefore raises a major strategic question for the country's future: the choice between national autonomy and greater European integration.
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