Highlights

Thingvellir, meeting place of the Althingi, Iceland's tribunal
and Parliament from 930 till 1799.
In 1844, it was transferred to Reykjavik.
@ Andreas Tille, Wikimedia

At the Council meeting on 27 July, EU Foreign Affairs Ministers acknowledged Iceland's application for membership of the European Union and invited the Commission to submit an opinion on it. The Government of Iceland submitted its application to the current Swedish Presidency of the Council of the EU in a letter dated on 16 July.

To be recognised as a candidate country, a number of political and economic conditions, the so-called "Copenhagen criteria", must be fulfilled. These include political stability guaranteeing democracy and human rights, a functioning market economy and implementation of all EU legislation. The Council recalled the principle that each applicant country is assessed on its own merits.

Iceland's participation in the European Economic Area (EEA) since 1997 and in the Schengen Area since 2001 would facilitate accession negotiations. As a member of the EEA, it has already implemented around 75 % of the legislation concerning the internal market.

The island state is situated in the North Atlantic Ocean and has a population of about 320,000. Its location, natural features and climate have made living conditions harsh, and it is dependent on fisheries and sheep breeding. In the late 20th century, Iceland's economy expanded into new areas of finance and services, making it one of the wealthiest nations in the world per capita, until the financial crisis hit in the autumn of 2008.

More information:
Council conclusions on Enlargement (pdf) 
Council Press release (pdf) 
Council webcast of press conference