The Faroe Islands currently use the Danish krone(DKK) as their local currency; however, the Sjalvstyrisflokkurin (Independence Party of the Faroe Islands) has applied for establishing the euro as the national currency. The application was sent to the Central Bank of the European Union on Wednesday.
Both major parties of the Faroe Islands, the Independence Party and the Republic Party (Tjodveldi) have come to an agreement to send in the application applying for the euro as the national currency. A public referendum has to take place on the possible changing of currency before the Faroese parliament, Logtingid, makes the final decision, according to Faroese news source Kringvarp Foroya.
See the full application and agreement issued by the Faroese parliament here, however the application is in Faroese.