Retired Finnish banker Kaarlo Jannari, hired to evaluate the Icelandic banking system, said Iceland needs to join the European Union within five years, at least so the euro can be adopted to replace the Icelandic krona, which is too small a currency.
Iceland's fishing industry supports a switch to the euro, but not joining the European Union.
"I assume that the future banking system in Iceland will be very different from the old one. The banks will be traditional commercial banks based on domestic Icelandic markets," said Kaarlo Jannari in his report, "Banking Regulation and Supervision in Iceland."
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