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Iceland Won’t Bring Back Free-Floating Krona, Arnason Says

Iceland has no plans to revert to a free floating krona after its banking collapse proved the island’s currency is too small to survive without controls, Economy Minister Arni Pall Arnason said.

“We will have to have some sort of restrictions on completely free movement of the currency,” Arnason said in an interview in Copenhagen yesterday. “The only scenario that we can really be confident that should allow us completely full and open access is the adoption of the euro.”