REYKJAVIK, Iceland (AP) — Iceland is beginning formal accession talks with the European Union, following several months of preparation by both sides.

There is no deadline for concluding the negotiations, which start Monday.

Iceland applied for membership following the collapse of its bloated banking industry in 2008, but joining the EU is unpopular with large sections of the public.

Minister for Foreign Affairs Oessur Skarphedinsson, who leads Iceland’s delegation, has said membership in the EU could lead to abolishing the country’s capital controls and adopting a new currency.

Iceland is a member of the European Economic Area and has adopted substantial amounts of EU legislation.

Fisheries, agriculture, regional policy and monetary policy are expected to be key issues in the negotiations.