Brussels urges E.U. start Iceland membership talks

LONDON (MarketWatch) — The European Commission on Wednesday urged the European Union to begin accession talks with Iceland that could lead to the country joining the 27-nation organization. The Brussels-based commission, which is the E.U.’s executive arm, said Iceland, which has been badly hit by the financial crisis, has adhered to the E.U.’s “common values,” including “democracy, rule of law and respect for human rights.” The commission said Iceland must make serious effort to achieve full alignment with E.U. law in some ares, particularly “fisheries, agriculture and rural development, environment, free movement of capital and financial services.”