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 and the International Monetary Fund only 0.09% of all IMF vote shares, or 4,683 votes to be exact. = History of IMF - Iceland relations = As of November 2018, Iceland has had 4 arrangements with the IMF. The borrowing arrangements Iceland has initiated with the IMF total 1,190% , in excess of its normal quota ( amounting to 18% of Iceland's total GDP in the year they were initiated ). This is the greatest amount the IMF has loaned a single country as a proportion of GDP. The conditionalities of Iceland's IMF programmes are based on terms as laid out in Iceland's Letter of