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 the ICRU's assignments, all of its members receive basic infantry combat training. This training has often been conducted by the Norwegian Army, but the Coast Guard and the Special forces are also assigned to train the ICRU. Most of the ICRU's camouflage and weaponry is procured from abroad, with some indigenous development. Some arms and uniforms are also borrowed from the Norwegian Defence Forces. The formation and employment of the unit has met controversy in Iceland, especially by people to the left on the political scale. In October 2004, three ICRU soldiers were wounded in a suicide bombing in Kabul.