Greenland the European Common Market in 1972, Denmark began to seek a different status for Greenland, resulting in the Home Rule Act of 1979. This gave Greenland limited autonomy with its own legislature taking control of some internal policies, while the Parliament of Denmark maintained full control of external policies, security, and natural resources. The law came into effect on 1 May 1979. The Queen of Denmark, Margrethe II, remains Greenland's Head of state. In 1985, Greenland left the European Economic Community (EEC) upon achieving self-rule, as it did not agree with the EEC's commercial fishing regulations and an EEC ban
Greenland a tight fiscal policy since the late 1980s, which has helped create surpluses in the public budget and low inflation. Since 1990, Greenland has registered a foreign-trade deficit following the closure of the last remaining lead and zinc mine that year. More recently, new sources of ruby in Greenland have been discovered, promising to bring new industry and a new export from the country. (See Gemstone industry in Greenland). Air transportation exists both within Greenland and between the island and other nations. There is also scheduled boat traffic, but the long distances lead to long travel times and low frequency.