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article imageLast word from Iceland: Loonies will not fly

By André R. Gignac     Mar 22, 2012 in Politics
Iceland has decided to put an end to rumours of its flirtatious relationship with Canadian money. The affair is officially over, and the island is already giving the eye to Europe.
The end came through a message from its Minister of Economic Affairs Steingrímur Sigfússon, during an interview with Dow Jones, when he said that replacing the krona by the loonie "is not on the table". Apparently, the short-duration flirt was "speculation more than practical realities", and it was decided the relationship should go back to what it was before, a simple but respectful friendship, with the minister saying, according to the Toronto Star, that he was an "admirer" of Canada's economic performance.
So, what now? Well, the island nation is already considering a new friendship. If Iceland decides to show its krona the door, the euro would take its place, but of course only after the country is officially and publicly admitted into the European Union family. A national referendum will be held next year in Iceland to consider the question. But already, things seem to be going quite well, with the European Parliament having recently praised Icelanders and their government.
Icelanders themselves will be very happy to see their country settle in in a more serious and long-term relationship. Before, they have had to endure more than one episode with the Japanese yen, Norway's krona and the euro, before getting entangled in the loonie affair, after Canadian ambassador Alan Bones had said, in early March, that the loonie would not mind being shared.
More about Canadian dollar, Iceland, Krona, European union
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