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Iceland, economic integration and the European Union

Author

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  • Hilmar Tór HILMARSSON

    () (University of Akureyri, School of Business and Science, Iceland)

Abstract

Iceland is a small resource rich country in Europe that is highly dependent of foreign trade. According World Bank classifications Iceland is a high income economy, but with a population of little more than 300 thousand inhabitants, it is the smallest economy within the Organization for Economic Co-operation and Development (OECD). Iceland is highly dependent of foreign trade, especially to and from the European Union, where economic and political integration is evolving and the question about the most feasible level of participation is a future challenge for the country. Iceland is a member of the European Free Trade Association (EFTA), the European Economic Area (EEA) and Schengen and European Union (EU) candidate country until recently, when its government decided to withdrew its EU membership application. The EEA agreement currently ensures Iceland’s access to the EU’s common market.

Suggested Citation

  • Hilmar Tór HILMARSSON, 2016. "Iceland, economic integration and the European Union," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 17(4), pages 373-391, October.
  • Handle: RePEc:rom:rmcimn:v:17:y:2016:i:4:p:373-391
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    File URL: http://rmci.ase.ro/no17vol4/05.pdf
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    References listed on IDEAS

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    1. Keohane, Robert O., 1969. "Lilliputians' Dilemmas: Small States in Internatinal Politics," International Organization, Cambridge University Press, vol. 23(02), pages 291-310, March.
    2. Willem H. Buiter, 2000. "Is Iceland an Optimal Currency Area?," Economics wp10, Department of Economics, Central bank of Iceland.
    3. Hilmar Þór Hilmarsson, 2013. "Small states and big banks – the case of Iceland," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 13(1), pages 31-48, July.
    4. Kahler, Miles, 1992. "Multilateralism with small and large numbers," International Organization, Cambridge University Press, vol. 46(03), pages 681-708, June.
    5. Hoadley, J. Stephen, 1980. "Small states as aid donors," International Organization, Cambridge University Press, vol. 34(01), pages 121-137, December.
    6. Hilmar Þór Hilmarsson, 2011. "How can the Baltic States as Non-DAC donors best contribute to international development cooperation?," Baltic Journal of Economics, Baltic International Centre for Economic Policy Studies, vol. 11(2), pages 27-40, December.
    7. Hilmar Tór HILMARSSON, 2014. "Managing Financial Crisis: The Case of Iceland and Latvia," REVISTA DE MANAGEMENT COMPARAT INTERNATIONAL/REVIEW OF INTERNATIONAL COMPARATIVE MANAGEMENT, Faculty of Management, Academy of Economic Studies, Bucharest, Romania, vol. 15(2), pages 200-214, May.
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    Cited by:

    1. repec:rom:rmcimn:v:18:y:2017:i:3:p:274-286 is not listed on IDEAS

    More about this item

    Keywords

    Economic integration; small states; Iceland; global crisis; economic policy.;

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • H12 - Public Economics - - Structure and Scope of Government - - - Crisis Management
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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