▁mainly ▁due ▁to ▁the ▁high ▁infl ation ▁and ▁high ▁vol at ility . ▁ ▁The ▁financial ▁crisis ▁prompt ed ▁further ▁calls ▁for ▁I cel and ▁to ▁join ▁the ▁Euro zone . ▁In ▁January ▁ 2 0 0 9 , ▁one ▁senior ▁I cel and ic ▁official ▁stated ▁that ▁due ▁to ▁the ▁crisis ▁" the ▁k ron a ▁is ▁dead . ▁We ▁need ▁a ▁new ▁currency . ▁The ▁only ▁serious ▁option ▁is ▁the ▁euro ." ▁In ▁March ▁ 2 0 0 9 , ▁a ▁report ▁by ▁I cel and ' s ▁Minister ▁for ▁Foreign ▁Affairs , ▁Ö ss ur ▁Sk ar ph éd in sson , ▁considered ▁three ▁options : ▁retain ing ▁the ▁k ron a , ▁adopt ing ▁the ▁euro ▁without ▁joining ▁the ▁EU ▁and ▁adopt ing ▁the ▁euro ▁through ▁EU ▁membership . ▁The ▁report ▁recommended ▁the ▁third ▁option . ▁ ▁An ▁economic ▁study ▁of ▁the ▁impact ▁of ▁the ▁ad option ▁of ▁the ▁euro ▁by ▁I cel and ▁found ▁that ▁the ▁I cel and ic ▁k ron a ▁acts ▁both ▁as ▁a ▁bar rier ▁and ▁buffer ▁to ▁international ▁trade , ▁and ▁that ▁by ▁joining ▁the ▁EU ▁and ▁adopt ing ▁the ▁euro , ▁I cel and ic ▁international ▁trade ▁might ▁be ▁ 6 0 % ▁higher . ▁ ▁In ▁July ▁ 2 0 0 9 , ▁the ▁Al þ ing i ▁( par liament ) ▁narrow ly ▁voted ▁to ▁apply ▁for ▁EU ▁membership , ▁but ▁that ▁application ▁has ▁been ▁fro zen ▁since ▁ 2 0 1 3 ▁( see ▁acc ession ▁of ▁I cel