Should Iceland join the European Union?

Seminar paper from the year 2011 in the subject Economics - Macro-economics, general, grade: 1,1, Berlin School of Economics and Law, language: English, abstract: To join, or not to join?: That is the question! Within this paper I will try to find out if Iceland would, indeed, be better off "e;staying out of the European Union"e;, as Iceland's Minister of Finance Steingrimur J. Sigfusson stated (WSJ Europe 05.05.2011), or joining in, as Iceland's Prime Minister Johanna Sigurdardottir favours. I will first have a look at the current - economic - situation of the island nation (in context with its latest developments), leaving the detailed examination of the accession controversy for the main part. There, I will analyse the potential advantages and disadvantages that would arise for Iceland with the EU-membership.