Reykjavik - Iceland's government formally filed its request for European Union membership on Friday, reported the nation's Foreign Ministry.

Iceland's parliament only agreed to seek membership on Thursday after more than a week of debate.

The application was filed both with the EU Commission in Brussels and the offices of the rotating EU presidency in Stockholm. Leaders of both have welcomed Iceland's application.

Iceland has held off for years on seeking membership, primarily over fears of losing control of its fishing rights. However, the ongoing financial crisis has hit the country hard, particularly damaging its banking industry, and forced it to seek out the stability that would come with EU membership.

If the application is accepted, Iceland would likely not join the EU before 2010.(dpa)