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
Monetary policy of the Philippines the desired level of inflation that is consistent with the economy's growth objective. In effect, under the monetary targeting framework, the BSP controls inflation indirectly by targeting money supply. The BSP employs a modified framework beginning the second semester of 1995 in attempt to enhance the effectiveness of the monetary policy by complementing monetary aggregate targeting with some form of inflation targeting, placing greater emphasis on price stability. Certain key modifications include: Under an aggregate targeting framework, the BSP fixes money growth so as to minimize expected inflation. On the other hand, under the new framework, BSP sets monetary policy