Iceland is pinning its hopes on the Arctic as Europe continues to suffer from high unemployment and faltering growth . Iceland 's president Olafur Ragnar Grimsson told CNN 's Richard Quest : `` The Arctic region is gradually becoming one of the most important playing grounds in the 21st century world economy . '' His comments come four years after the country let its debt-ridden banks fail , and as the country 's growth looks set to far outpace the eurozone . Grimsson said the decision not to save the banks was `` the most difficult I ever had to make , '' but maintained it was the right one . `` Allowing the banks to fail is one of the fundamental reasons Iceland is now in a strong recovery with respect to other European countries , '' he said . Now , according to Grimsson , `` Iceland is better placed to benefit by maintaining our present position , rather than to let the EU speak on our behalf . '' Iceland fishing for deal on EU quotas . The 69-year-old president pointed to Norway and Greenland -- two other Arctic economies and non-European Union members -- as role models . He said he would not hesitate to veto a parliamentary decision to seek EU membership , a promise he told CNN he had based five successful presidential runs on . However , Grimsson said he was not sure whether Iceland 's strategy with its banks could have been replicated by other countries with similar problems , such as Ireland . `` Being part of the eurozone , they could n't devalue their currency . But they could have adopted our policy with respect to the banks , '' he said . The Icelandic krona fell sharply as a result of the financial collapse , helping the country recover by increasing demand for exports . `` There are still scars , '' Grimsson said , `` but on the whole , the will of the Icelandic people has enabled us to recover and move confidently towards the future . ''
Iceland is pinning its hopes on the Arctic region as the eurozone remains in financial crisis . The country has been trying to attract investment from companies and banks looking for a safe haven following the collapse of Lehman Brothers Holdings Inc last week. Iceland allowed its banks to fail during its crisis , and the economy has since recovered .