European Union Money
Posted in EU Info on 10/06/2010 11:23 pm by admin
If Iceland is absorbed into the European Union, what will happen to the Icelandic Krona?
People in Iceland who have saved their money over the years that they have worked, are faced with converting their Krona into a Euro that is considerably higher in value….The Krona has depreciated considerably over the last year……..this will bankrupt many of them unless their economy is changed drastically…remember what happened with the Italian Lira and the conversion to the Euro?
As far as I know since the Nice Treaty in 2001 all new member states, have to except the change over to the Euro as a condition of joining. The UK and others having been members before this don’t have to join.
However this does not have to be immediate the Icelandic Krona would eventually be absorbed into the Euro Zone, saying that it is no ones interests to see Iceland suffering unneeded economic turmoil, and other members wouldn’t want a member causing instability, there a period of grace, and the change over would only happen when it was advantageous for all concerned.
All this said whether Iceland joins the E.U. is up for debate. I hope they do.
Food banks to save EU when money runs out?
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