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
Cabinet of Iceland Minister for Iceland at the time of the signing of the agreement, Jón Magnússon, became the first Prime Minister of Iceland. The current cabinet (in office since 11 January 2017), consists of the following ministers: Cabinet of Iceland The Cabinet of Iceland () is the collective decision-making body of the government of Iceland, composed of the Prime Minister and the cabinet ministers. The Cabinet of Iceland is considered to have been formed 1 February 1904 when home rule was expanded in Iceland and Hannes Hafstein became the first Icelander to hold the position of Minister for Iceland in the Cabinet