You are absolutely correct; Iceland is not part of the EU, my mistake, furthermore you are right on target it terms of your criticism of the EU. The EU claims to be a body that brings Europe together but there hardly seems to be any truth to that statement. Its one thing for the US to act unilaterally in bailing out its banks, which are global but still do most of there business in the US. European Banks are a different type of animal; they cross many more boards and have a much more diverse base of business. Hopefully going forward the EU can work more closely together, that being said rarely has an international organization worked the way it was conceived, countries have proven to have far to many competing interests and far to little desire to compromise on those issues.

Thanks for correcting my mistake on iceland.