The Euro is actually one of the reasons they want to join; even their prime minister stated it explicitly. It would be a more stable currency than their own.

Have you seen how bad is the Icelandic crown, their prices and their borrowing rates? Adopting the euro is one of the main arguments in favor of joining the EU.

New joiners are required to eventually adopt. Only members that were so before the Euro are exempt.

Joining the euro is a hard requirement for new countries entering the union.

The only negotiable is the length of the transition period.

Look what happened to their currency in 2008, at the time they really wished they were using the euro.

Can I ask why you have this sentiment? I think the Euro has been a great achievement. It seems quite stable compared to its predecessor currencies and it’s convenient for trade across the union.

This is one of the main reasons for the discussions. The Icelandic króna is a very small currency that fluctuates significantly. It is a small economy, and the difference in currency complicates access to European financial services. Switching to the euro would enable them to eliminate exchange rate risk with their main trading partners.

There are countries outside the EU that have switched to the euro for this reason, such as Montenegro and Kosovo.