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 Crisis Response Unit Iceland Crisis Response Unit The Iceland Crisis Response Unit (ICRU) or "Íslenska Friðargæslan", is an Icelandic para-military unit with a capacity roster of up to 200 people, of whom about 30 are active at any given time. It is operated by the Icelandic Ministry of Foreign Affairs. It is primarily designated for peacekeeping operations and was established in the 1990s to participate in operations and peacekeeping projects, including in support of NATO peacekeeping operations. That role later evolved into providing an appropriate forum for deploying personnel within other organizations such as with OSCE field missions as well as with UN