Iceland is a member of EFTA, most of EU-Iceland economic relations fall under the EEA, Iceland is an associate member of the Schengen agreement and has many other trade, economic and social ties to the EU. The impacts of the financial crisis triggered some talk of Iceland, while remaining outside the EU, joining the Eurozone. What impact would such a move have on EU-Iceland relations - notably in the fields of environmental and maritime/fisheries cooperation - and does the European Commission have in place provisions to deal with such a development? Is it possible that such a move - if it occurs - could be followed by similar agreements with other non-EU states?