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 Defense Force Base Gagetown in southern New Brunswick, to simulate the defense of Iceland against Warsaw Pact forces, the CAPSTONE mission of both the 187th and 167th. Part of the 1992 exercise included lanes training as part of the United States Army Forces Command's "Bold Shift" initiative to reinforce unit war-fighting task proficiency. Operation Northern Viking is a series of defense of Iceland exercises, held biennially for several years. In 2006 the frequency was increased. On 15 March 2006 the U.S. Ambassador to Iceland announced the decision of the United States to withdraw the Iceland Defense Force before the end of September