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Iceland and the European Economic Agreement: 25 Years of Cooperation

Author

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  • M. Elvira MENDEZ-PINEDO

    (University of Iceland)

Abstract

In 2019 the Minister for Foreign Affairs of Iceland presented for the first time a special report to the Parliament (Althingi) on the status and implementation of the European Economic Area (EEA) Agreement. This international/European treaty based on a two-pillar structure (EU on one side and EFTA-EEA States on the other) has transformed the Icelandic legal, political and economic environment in the 25 years since its ratification. The objective of this study is to review the story of this successful European cooperation (extension of the internal market and fundamental freedoms) while focusing on difficult issues that appeared in the aftermath of the financial crisis (Icesave saga, finally resolved in favour of Iceland by the EFTA Court). It also aims to explain some reasons behind Eurosceptism in the country. Primary sources are both legal acts and relevant case-law from European courts, combined with doctrinal studies in the fields of law and political science. Methodology is both descriptive and analytical since all legal issues are approached from a wider economic, political and sociological context. The most important finding of the study is that nothing substantially important has altered fundamentally the preference of Iceland for EEA cooperation rather than full EU integration.

Suggested Citation

  • M. Elvira MENDEZ-PINEDO, 2021. "Iceland and the European Economic Agreement: 25 Years of Cooperation," International Investment Law Journal, Societatea de Stiinte Juridice si Administrative (Society of Juridical and Administrative Sciences), vol. 1(1), pages 5-21, February.
    • Handle: RePEc:sja:journ1:v:1:y:2021:i:1:p:5-21
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    File URL: http://www.investmentlaw.adjuris.ro/articole/An1V1/2.%20Elvira%20Mendez-Pinedo%20lcr2.pdf
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    More about this item

    Keywords

    Iceland; European Economic Area; cooperation; international law.;
    All these keywords.

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • K33 - Law and Economics - - Other Substantive Areas of Law - - - International Law

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