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
Iceland 2013, opinion polls showed that many Icelanders were now against joining the EU; following 2013 elections the two parties that formed the island's new government—the centrist Progressive Party and the right-wing Independence Party—announced they would hold a referendum on EU membership. Iceland has no standing army, but the Icelandic Coast Guard which also maintains the Iceland Air Defence System, and an Iceland Crisis Response Unit to support peacekeeping missions and perform paramilitary functions. The Iceland Defense Force (IDF) was a military command of the United States Armed Forces from 1951 to 2006. The IDF, created at the request of NATO,