Scandinavian Monetary Union after Iceland was elevated to a separate kingdom in union with Denmark in 1918. Iceland cut its ties to Denmark in 1944 and became a republic. The Icelandic króna soon became volatile, causing a high inflation and in 1980 a currency reform was introduced, in which 1 new Icelandic króna was set to 100 original ones.. The Scandinavian Monetary Union was inspired by the Latin Monetary Union, established in 1865. According to economic historians Ingrid Henriksen and Niels Kærgård:Was the Scandinavian Currency Union a success? Yes and no. When the Union functioned at its best, which was only from 1901
Geology of Iceland frames from around the world suggests that the Iceland hotspot's path differs from older investigations. Many older rocks (dated 75-70 mya) located throughout the area to the west are not only located near hypothesized Iceland hotspot paths, but also attributable to hotspot volcanism, which implies a plausible case for the Iceland hotspot being much older than the earliest rifting of what is now the northernmost Northeast Atlantic. If such a hypothesis is true, then much of the rifting in the North Atlantic was likely caused by thinning and bulging of the crust as opposed to more direct influence by the