Iceland shows interest in deepening its relationship with Europe, but the question about the need to join the European Union remains open. The country already incorporates a substantial part of the relevant European legislation, which means that many European norms and regulations are already part of the Icelandic legal system.
In addition to adopting this legislation, Iceland also accepts common supervision mechanisms, which demonstrates a significant commitment to European rules and standards. This situation places Iceland in an intermediate position between full EU members and third countries.
The country contributes financially to European programs and mechanisms, which reflects its economic involvement with Europe. This contribution shows that Iceland already actively participates in financing European initiatives, even without being a member of the European Union.
