From Geraldine O’Connell Cusack, writing at Irish Central – What Ireland can learn from Iceland’s economic recovery:
Great Britain and Denmark, though members of the EU, have chosen to remain outside the European Monetary Union. They have retained their own national currencies and full sovereignty over their monetary and fiscal affairs.
In addition, Denmark has successfully negotiated opt-outs from Europe in the fields of Common Defence, Justice and Home Affairs, and Union Citizenship.
Norway and Iceland are neither members of the European Union nor the Monetary Union. However, they both belong to the European Economic Area (EEA) and enjoy the same advantageous terms governing internal markets as full EU member states. European countries can negotiate terms with the European Union that do not necessitate full membership or monetary union….
A new economic union, comprising Great Britain, Denmark, Norway, Iceland and Ireland, to be known as the North Atlantic Corridor, would be formed. Ireland would withdraw from both the EU and the Euro Zone and revert to the Irish Punt. All national currencies would be guaranteed by the Bank of England. However, the Central Bank in each individual country would retain control over its own national monetary and fiscal policies.