What is the difference between EFTA and the EU?
In Iceland, which is an EFTA country, there is currently a debate raging about possibly joining the EU (and then adopting the Euro currency). Now one of the arguments put forward by those who are against an agreement is that the country would lose parts of its sovereignty.
Does anyone know the difference between being a member of EFTA and EU when it comes to legal, judicial, financial and other sovereign matters? Are EU countries less sovereign?
Yes, it wasn't very clear though about the differences. Here is another interesting article http://www.brugesgroup.com/mediacentre/index.live?article=10488
A free trade area such as EFTA is a much looser form of economic and political union than the EU. EFTA has negotiated access to the EU single market and has partially accepted EU laws relating to single market access. It's also largely signed up to the Schengen area free movement of people. It doesn't have EU style common policies, such as agriculture, fishing, transport and regions however and it has no plans for the sort of economic and political integration implied by eurozone membership.