Iceland into the EU

Iceland will be put on a fast track to joining the European Union
to rescue the small Arctic state from financial collapse amid rising
expectations that it will apply for membership within months, senior
policy-makers in Brussels and Reykjavik have told the Guardian.[...]

"The krona is dead. We need a new currency. The only serious option is the euro," said a senior Icelandic official.

But joining the euro is a different question. Despite growing sentiment
in Iceland that Brussels and the single currency might be the remedy to
the worst crisis the country has seen, the road to the euro is likely
to be fraught with problems because of the strict rules governing the
eurozone under the Maastrict treaty. Although the economic and
financial crisis has seen a loosening of the single currency rulebook,
current Icelandic interest rates of 18% would pose big problems for
mainstream single currency members.

From The Guardian. Too bad, Iceland could have followed a better monetary system than the EU.
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