Iceland EU Vote Puts Enlargement Hopes Back in Focus

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Brussels: The European Union is keeping a tight eye on Iceland ahead of an August 29 referendum on whether to resume membership negotiations, with Brussels hoping the vote would revive momentum for EU enlargement.

Iceland, a country of approximately 400,000 people, filed for EU membership in 2009, following a severe financial crisis. Accession talks commenced but were later suspended, and Iceland withdrew its application in 2015. The upcoming vote is not on joining the EU, but on whether discussions should resume.

Iceland is regarded as an exceptionally appealing possibility because it is already heavily integrated into the union. It is a member of the European Economic Area and Schengen, so it is already subject to several EU regulations.

However, Iceland's attention on EU membership has returned due to geopolitical circumstances. Arguments for deeper European links have been reinforced by worries about security in the North Atlantic, notably US pressure surrounding Greenland. However, it is expected that national sovereignty and fishing rights will continue to be significant challenges, especially with regard to Iceland's profitable mackerel business.

A positive vote would  restart talks; Icelanders would have another chance to vote on any eventual membership agreement. However, the vote may provide Brussels with a much-needed boost to its larger enlargement project.