Quote:
Originally Posted by Thor
The upcoming federal election is giving a party used to being in 3rd or 4th place the win. This party has in fact even mentioned favoring the idea of adopting a new currency, the obvious would be the Canadian dollar.
Should be interesting, there is still a lot of fear on the value of the Krona when the currency controls are lifted.
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One of the major targets needed to share currency is trade and meeting that goal is certainly in the works. Here is the most recent article I found dated Jan 4, 2013.
"Trade between Iceland and Canada is currently sparse. In 2011, only 0.43 percent of Iceland’s total exports went to Canada ($20.7 million.) For the same year, Canada’s share of the total imports by Iceland was 1.25 percent ($51.2 million.)
Iceland would like to expand trade relations with Canada, particularly in tourism. My country has experienced an explosion in tourism in recent years and that could well become our No. 1 industry. For 2012, the number of tourists was projected to have grown by 17 percent.
Opportunities for expansion also exist in the fisheries industry. Efforts are already under way to stimulate interest in Iceland’s fishery. An Icelandic shipping company, Eimskip, has been active in Newfoundland and Nova Scotia for 40 years, but its expansion is constrained by local regulations.
Iceland also has a strong competitive advantage in energy-intensive industries, thanks to its relatively cheap and renewable clean-energy resources — hydro and geothermal. This sector attracts much-needed foreign investment. Indeed, Rio Tinto Alcan owns an aluminum smelter and is one of the largest industrial companies in Iceland. Canadian investments are also found in the geothermal-energy sector.
Finally, one mustn’t forget the Arctic. Iceland’s economic well-being and livelihood are shaped by the natural riches and climatic conditions of the North. Iceland and Canada share vested interests in the Arctic. The pending exploitation of Iceland’s newly discovered offshore oil resources offers the opportunity to strengthen ties with Canada’s dynamic oil industry. Iceland sees ample scope for developing such bilateral and regional cooperation with Canada on economic and cultural issues involving the North."
It does continue to say that the loonie isn't an option, but if trade increases it would certainly make it more viable.
http://diplomatonline.com/mag/2013/0...want-to-trade/