Inclusion in the euro currency does not automatically ensure economic well-being and the benefits of the euro for Icelanders are less clear now in the wake of the economic crisis. So said the President of Iceland, Olafur Ragnar Grimsson, in an interview with Reuters today.
“The sentiment about a year ago when [Icelandic] EU membership was being discussed was that the markets had developed in a way that made it difficult to maintain an independent currency in a small country,” the President said.
“But since then we have seen one euro country after another land in serious trouble. Most recently came what is still happening in Ireland. So the benefits of changing currency are less clear now,” he stated, adding: “The euro is not an infallible route to economic success, as the Greeks and Irish are now finding out.”