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
Geology of Iceland change with time, Geologists use what is called the "hotspot frame of reference" to gather plate motion estimates, so they can create maps depicting plates moving on the surface of the earth relative to a stationary hotspot. Most work discussing plate motion agrees that the Iceland hotspot was probably located beneath Greenland for a period of time. As the North Atlantic Ocean continued to spread apart during this time period, Greenland was located to the southeast of the Iceland hotspot and likely moved over it from around ~70-40 mya. Some research using new plate motion data gathered from hotspot reference