Joined: EU N/A Eurozone N/A Schengen 2007 EFTA 1970 Iceland stayed outside the European Economic Community when its fellow European Free Trade Agreement members Denmark and the United Kingdom joined in 1973. Icelandic opposition was primarily linked to the restrictions of the Common Fisheries Policy and Iceland was in the midst of the second of its three Cod Wars with the United Kingdom over fishing rights in 1972 with a third and decisive one in 1975-1976. Iceland later shifted its economy away from fishing and towards finance it applied to join the European Union in 2009 just as the banking crisis was taking hold. That application was suspended in 2013 and withdrawn in 2015 due to the collapse of Icelandís finance sector.

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