Requirement to join the Euro  Even if EU membership were in the interests of Switzerland and Norway, the requirement that all new members join the Euro provides a strong argument against joining the Union itself. At present, both countries have strong currencies, with the Swiss Franc a major international reserve currency in its own right. Through the Krone and Franc they can control their own monetary policy to suit economic conditions. By contrast, small EU states are at the mercy of the European Central Bank, having to endure interest rates that may be right for Germany or France, but which are too tight or too loose for Ireland or Belgium. This explains why EU countries such as Denmark and the UK have so far refused to join the Euro. Norway and Switzerland may also wonder whether they want to yoke themselves to profligate debtor countries like Italy, Greece, whose falling credit ratings are placing monetary union under strain at present. And neither Norway or Switzerland has the financial problems of Iceland, although the credit crunch has required Switzerland to support its international banks – in ways which EU membership might well have prevented.