4 ms·

As I understand it, Kosovo and Montenegro adopted the Euro unilaterally, without agreement from the EU. I don't think that'd be (politically) possible for Icela

As I understand it, Kosovo and Montenegro adopted the Euro unilaterally, without agreement from the EU. I don't think that'd be (politically) possible for Iceland (?). So the EU would need to agree to this, which also doesn't seem politically possible (?)

skinfaxi 17d ago
Why would they need permission to use a currency?
anovikov 18d ago
Well, it doesn't require EU's approval by definition. Because it means just unilaterally handing out EU a lot of cash.
Beretta_Vexee 18d ago
There are a whole host of microstates and more or less autonomous overseas territories that use the euro. If Mayotte can use the euro even though the island is on the brink of collapse, I don’t see why that would be a problem for Iceland. I don’t think this is a problem for the EU – quite the opposite, in fact. It strengthens the euro’s position in international trade, increases the number of users and boosts the volume of trade. More customers for the EU’s financial services sector. There are a number of countries that unofficially use the US dollar as their currency for major transactions without asking anyone’s permission (Cambodia come to mind).
- embedding-shape 18d ago
  > If Mayotte can use the euro even though the island is on the brink of collapse Isn't Mayotte part of France and been for quite some time? I'd guess they switched to the Euro together with France and all the other French territories, but maybe I'm wrong?
  - eloisant 18d ago
    Yes, Mayotte is very much part of France. Monaco, Vatican and San Marino are however sovereign micro-states that switched to the euros because they already had a monetary agreement with France or Italy.
    - riffraff 18d ago
      Also Andorra, which has an agreement since 2006 to mint their own Euros.
- eloisius 18d ago
  There’s also Ecuador who officially uses the USD as their currency.
  - throwawaycan 18d ago
    And Panama!

skinfaxi 17d ago

Why would they need permission to use a currency?

anovikov 18d ago

Well, it doesn't require EU's approval by definition. Because it means just unilaterally handing out EU a lot of cash.

Beretta_Vexee 18d ago

There are a whole host of microstates and more or less autonomous overseas territories that use the euro. If Mayotte can use the euro even though the island is on the brink of collapse, I don’t see why that would be a problem for Iceland. I don’t think this is a problem for the EU – quite the opposite, in fact. It strengthens the euro’s position in international trade, increases the number of users and boosts the volume of trade. More customers for the EU’s financial services sector. There are a number of countries that unofficially use the US dollar as their currency for major transactions without asking anyone’s permission (Cambodia come to mind).

embedding-shape 18d ago
> If Mayotte can use the euro even though the island is on the brink of collapse Isn't Mayotte part of France and been for quite some time? I'd guess they switched to the Euro together with France and all the other French territories, but maybe I'm wrong?
- eloisant 18d ago
  Yes, Mayotte is very much part of France. Monaco, Vatican and San Marino are however sovereign micro-states that switched to the euros because they already had a monetary agreement with France or Italy.
  - riffraff 18d ago
    Also Andorra, which has an agreement since 2006 to mint their own Euros.
eloisius 18d ago
There’s also Ecuador who officially uses the USD as their currency.
- throwawaycan 18d ago
  And Panama!