Faroe Islands a reaction to the growing self-government and independence movements, Denmark finally granted the Faroe Islands home-rule with a high degree of local autonomy on 30 March 1948. In 1973 the Faroe Islands declined to join Denmark in entering the European Economic Community (later absorbed into the European Union). The islands experienced considerable economic difficulties following the collapse of the fishing industry in the early 1990s, but have since made efforts to diversify the economy. Support for independence has grown and is the objective of the Republican Party. The Faroe Islands are an island group consisting of 18 major islands (and
Flag of the Faroe Islands of the Norwegian flag, with the fimbriated cross. The flag proportion is usually 5:7. White symbolises the creators of the flag, the foam of the sea and the pure, radiant sky of the Faroe Islands, while the old Faroese blue and red colours are reminiscent of other Scandinavian and Nordic flags; representing the Faroe Islands' bonds with other Nordic countries. The modern Faroese flag was devised in 1919 by Jens Oliver Lisberg and others while they were studying in Copenhagen. The first time Merkið was raised in the Faroe Islands was on 22 June that year in Fámjin on the