▁to ▁I cel and ▁stated ▁that ▁I cel and ▁could ▁adopt ▁the ▁currency ▁if ▁it ▁so ▁wished . ▁Canada ▁was ▁fav oured ▁due ▁to ▁its ▁northern ▁ge ography ▁and ▁similar ▁resource ▁based ▁economy , ▁in ▁addition ▁to ▁its ▁relative ▁economic ▁stability . ▁ ▁Arn ór ▁S igh vat sson , ▁Deput y ▁Governor ▁of ▁the ▁Central ▁Bank ▁of ▁I cel and , ▁at ▁a ▁meeting ▁of ▁the ▁I cel and ic ▁Federation ▁of ▁Labour ▁on ▁ 1 0 ▁January ▁ 2 0 1 2 , ▁said : ▁ ▁I ▁am ▁of ▁the ▁view ▁that ▁un il ater al ▁ad option ▁of ▁a ▁foreign ▁currency ▁or ▁a ▁currency ▁board ▁could ▁only ▁be ▁considered ▁pr udent ▁if ▁all ▁of ▁I cel and ' s ▁largest ▁banks ▁were ▁owned ▁by ▁a ▁strong ▁foreign ▁bank ▁with ▁the ▁financial ▁strength ▁to ▁provide ▁them ▁with ▁liquid ity ▁during ▁times ▁of ▁dist ress . ▁Second , ▁un il ater al ▁ad option ▁of ▁another ▁currency ▁is ▁a ▁solution ▁that ▁is ▁hardly ▁worth ▁considering ▁unless ▁EM U ▁Econom ic ▁and ▁Mon et ary ▁Union ▁of ▁the ▁European ▁Union ▁membership ▁has ▁been ▁ruled ▁out ▁for ▁the ▁for ese e able ▁future , ▁as ▁it ▁ent ails ▁extra ▁cost ▁of ▁purchase ▁of ▁new ▁base ▁money ▁for ▁the ▁bank ing ▁system ▁( gener ally ▁in ▁the ▁range ▁of ▁ 7 0 – 1 0 0 ▁billion ▁k ron a ▁in ▁recent ▁years ) ▁and ▁larger ▁pre ca ution ary ▁foreign ▁exchange ▁res erves ▁( part icular ly ▁if ▁the ▁banks ▁are ▁not ▁foreign -