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
Settlement of Iceland cattle to die—he cursed this cold country, and when he spotted a drift ice in the fjord he decided to name it "Ísland" (Iceland). Despite difficulties in finding food, he and his men stayed another year, this time in Borgarfjörður, but they headed back to Norway the following summer. Flóki would return much later and settle in what is now known as Flókadalur. Another Norseman, by the name of Ingólfur Arnarson, had instigated a blood feud in his homeland, Norway. He and his foster-brother Hjörleifur went on an exploratory expedition to Iceland, and stayed over winter in what is now