21 June 2026Ministry for Foreign AffairsWhat were Iceland's main negotiating objectives concerning currency matters in the EU accession negotiations in 2009 - 2013?Currency affairs are covered under Chapter 17. The chapter was opened on 18 December 2012. Negotiations were ongoing when they were put on hold.
What were Iceland's main negotiating objectives concerning currency matters in the 2009 - 2013 EU accession negotiations?
Currency affairs are covered underChapter 17. The chapter was opened on 18 December 2012. Negotiations were ongoing when they were put on hold.
Iceland’s negotiating position was:
Participation inERM IIfor at least two years is a precondition for euro adoption. As of April 2026, Iceland did not meet the inflation or interest rate criteria of the Maastricht criteria. Inflation needs to be below 2.3% but was measured at 4.7% in February. The yield on Icelandic government bonds is around 7% for 10 years; it needs to be approximately 1 percentage point lower to meet the criterion.
See more information in thememorandum by the Ministry for Foreign Affairs at the request of the Althing's Foreign Affairs Committeeon 17 April 2026 (in Icelandic).
SeeChapter 17of the accession negotiations in 2009-2013 on the old accession negotiation website.
Seecomplete overview of all chaptersof the 2009 - 2013 accession negotiations.