and ▁to ▁the ▁European ▁Union ). ▁ ▁In ▁March ▁ 2 0 1 5 , ▁I cel and ic ▁authorities ▁announced ▁by ▁letter ▁to ▁the ▁Pres iden cy ▁of ▁the ▁Council ▁of ▁the ▁European ▁Union ▁that ▁I cel and ▁should ▁not ▁be ▁seen ▁as ▁candidate ▁state , ▁and ▁that ▁there ▁were ▁no ▁specific ▁plans ▁to ▁continue ▁any ▁membership ▁process . ▁Le aders ▁of ▁the ▁r uling ▁government ▁parties ▁have ▁also ▁stated ▁that ▁the ▁k ron a ▁will ▁remain ▁as ▁I cel and ' s ▁currency ▁for ▁at ▁least ▁the ▁for ese e able ▁future . ▁ ▁I cel and ▁and ▁un il ater al ▁ad option ▁of ▁another ▁currency ▁Some ▁small ▁countries ▁such ▁as ▁El ▁Salvador , ▁E cuador ▁and ▁Mont en eg ro ▁have ▁un il ater ally ▁adopted ▁the ▁use ▁of ▁a ▁more ▁stable ▁foreign ▁currency ▁as ▁a ▁means ▁of ▁cont rolling ▁infl ation . ▁The ▁cost ▁of ▁this ▁is ▁generally ▁very ▁high , ▁as ▁the ▁adopt ing ▁country ▁los es ▁all ▁control ▁over ▁mon et ary ▁policy , ▁and ▁all ▁the ▁benefits ▁of ▁se ign orage . ▁A ▁currency ▁board ▁is ▁a ▁second ▁tier ▁solution , ▁where ▁the ▁exchange ▁rate ▁of ▁the ▁currency ▁is ▁fixed ▁to ▁that ▁of ▁another ▁country , ▁or ▁a ▁" b asket " ▁of ▁curr encies . ▁ ▁There ▁was ▁a ▁discussion ▁in ▁ 2 0 1 2 ▁about ▁the ▁feas ibility ▁of ▁adopt ing ▁a ▁foreign ▁currency . ▁The ▁idea ▁of ▁adopt ing ▁the ▁Canadian ▁doll ar ▁was ▁popular ▁and ▁the ▁ ▁Canadian ▁amb assador