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
Iceland was officially recognised as a minority language in 2011. In education, its use for Iceland's deaf community is regulated by the "National Curriculum Guide". English and Danish are compulsory subjects in the school curriculum. English is widely understood and spoken, while basic to moderate knowledge of Danish is common mainly among the older generations. Polish is mostly spoken by the local Polish community (the largest minority of Iceland), and Danish is mostly spoken in a way largely comprehensible to Swedes and Norwegians—it is often referred to as "skandinavíska" (i. e. "Scandinavian") in Iceland. Rather than using family names, as is