Iceland Moves Closer to Applying for EU Membership

Iceland has moved a step closer to applying for membership in the European Union after parliament narrowly approved the controversial measure 33 votes to 28 with two abstentions. The application will now be presented to the EU in Brussels on July 27

Debate over the matter had consumed parliament for the past five days with Prime Minister Johanna Sigurdardottir pushing for approval while detractors pointed to the possibility such membership could hurt the fishing industry.

Sigurdardottir gained supporters following the collapse of Icelandic banks last year and she has stressed the importance of moving towards adopting the euro as the country’s currency to stabilize the economy.

While Thursday was a victory for Sigurdardottir and her proponents the reality is it could be several years before Iceland actually joins the European Union. If the EU approves the bid the proposal would then go before the Icelandic people who would vote on the issue but that might not happen until early 2012.

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