Iceland could be an EU country in little over a year. The country was given the go-ahead to start accession talks by the leaders of all the bloc’s 27 current member states.
One major condition of membership will be the need for Iceland to overhaul its financial sector.
The online bank Icesave collapsed in 2008, leaving many Dutch and British savers out of pocket. Their respective governments refunded the losses and have since been trying to get the money back from Reykjavic. Although that slowed down the accession process, both the Netherlands and Britain say they will not block Iceland’s bid as long as it pays what is owed.
Having applied last July, membership should take between one and two years to complete.