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
The Chicago Plan Revisited system of private creation of money by banks by a system where only the government is authorized to issue "Sovereign Money". See Frosti Sigurjónsson (March 2015) Monetary Reform – A Better Monetary System for Iceland, report commissioned by Prime Minister of Iceland, Reykjavik, Iceland. The Chicago Plan Revisited The Chicago Plan Revisited is an International Monetary Fund (IMF) report from 2012 by Jaromir Benes and Michael Kumhof. The focus of the study is the so-called Chicago plan of the 1930s which the authors have updated to fit into today's economy. The basic idea is that banks should be required to