With about 300.000 Inhabitants Iceland would be the smallest member of the EU, even smaller than already tiny Malta. The next step would be to give Monaco, San Marino and Andorra full EU Membership. For its 300.00 Inhabitants it will get a Commissioner, a seat in the Council, with all the rights that entails, and (I believe) 5 seats in the Parliament.

I really do not believe that this is a wise idea. Iceland should not be allowed to become a member of the EU. I understand that small nations will have over proportional power in the EU institutions, and I am fine with this, but Iceland is just to small and inconsequential.