Iceland delays banks’ plans to adopt the euro

Plans by Iceland’s biggest company (the bank Kaupthing) to adopt the euro as its main currency have been quashed by the central bank, fuelling a debate about the creeping 'euro-isation' of Iceland's economy. The Central Bank of Iceland published a statement January 2008 arguing it needed to consider the consequences for Iceland’s monetary system if financial companies adopt foreign currencies and said it could not grant its approval now, though might do so later.

Website: Central Bank of Iceland http://www.sedlabanki.is/

Website: Kaupthing Bank http://www.kaupthing.com/

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