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Iceland appears to be increasingly open to adopting the Canadian dollar as its official currency, with Prime Minister Johanna Sigurdardottir warning over the weekend that the country’s own extremely volatile currency system “can’t remain unchanged.”

“The choice is between surrendering the sovereignty of Iceland in monetary policy by unilaterally adopting the currency of another country, or become a member of the EU,” Ms. Sigurdardottir said in a speech delivered at a Social Democrat Alliance party convention Saturday in Reykjavik.

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Last month, a Capacent Gallup poll found 26.3% of Icelandic voters support European Union membership while 56.2% were opposed to the idea.

That leaves the door open to other currencies.

[np-related]

While currencies such as Norway’s krona or Japan’s yen have reportedly been considered, Canada’s loonie has recently been cited as a frontrunner ahead of even more popular currencies such as the United States’ greenback.