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
Military of Iceland defences. Foremost of these are the National Security Unit, which handles intelligence operations and the special unit Víkingasveitin, a highly trained and equipped counter terrorism unit which is part of the National Police force. Additionally there is a Crisis Response Unit (ICRU), operated by the Ministry for Foreign Affairs, which is a small peacekeeping force that has been deployed internationally, since 2008. This unit also has an unarmed component. There is a treaty with the United States, regarding the defense of Iceland, which until 2006 maintained the Naval Air Station Keflavik. The base, now operated by the Icelandic Coast Guard,