European Union

Iceland's new prime minister, Sigmundur David Gunnlaugsson, said late Thursday that he aims to remove capital controls that have been in place since the nation's economic collapse several years ago and to reintroduce a free-floating currency.He also said the nation needs to meet the so-called Maastricht criteria for euro-zone nations even if the country isn't immediately headed for the European Union. Keeping close ties with the EU is a top priority of the incoming coalition government, Mr. Gunnlaugsson said."We would like to lift the capital controls as soon as possible," Mr. Gunnlaugsson said in a phone interview. "This government will focus on this," he said, adding that first a solution regarding assets held by foreigners would have to be found."What gives reason for optimism is that it is in the interest of foreign investors to create a solution that allows lifting capital controls," he said.Due to capital controls, foreigners right now have limited ability to withdraw their Icela...

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