EU membership would not have saved Iceland

Iceland's former Prime Minister, Geir Haarde, said in a lecture at the Institute of European Affairs in Dublin, Ireland, that he did not believe membership of the European Union would have saved Iceland from the "financial hurricane" which triggered the country's financial meltdown last autumn and the collapse of its three biggest banks, noting EU membership had not saved Latvia's economy from shrinking an expected 18 percent this year. Furthermore he pointed out that the Irish economy was expected to shrink between 10.75 and 12 percent this year while the expected percentage in the case of Iceland was 10 percent.

Haarde in Dublin: Ireland worse than Iceland (Icenews.is June 22, 2009)
Irish GDP will shrink faster than Iceland's, says ex-PM (Independent.ie June 19, 2009)