" To put it slightly differently, small sovereign nations, like Iceland, have choices to make within the broader constraints created for them by nature and by the rest of humanity. However limited these choices might be, Iceland’s body politic retains absolute authority to hold their elected officials accountable for the decisions they have reached within the nation’s exogenous constraints, and to strike down every piece of legislation that it has decided upon in the past. (...) In this sense, small, powerless Iceland continues to enjoy full sovereignty while the comparatively omnipotent European Union has been stripped of all forms of sovereignty. "

― Yanis Varoufakis , And the Weak Suffer What They Must? Europe's Crisis and America's Economic Future