NationMaster - Encyclopedia: Scandinavian Monetary Union

The Scandinavian Monetary Union (Swedish: Skandinaviska myntunionen, Danish: Skandinaviske møntunion) was a monetary union formed by Sweden and Denmark on May 5, 1873 by fixing their currencies against gold at par to each other. Norway, which was in union with Sweden, however with full inner autonomy, entered the union two years later, in 1875 by pegging its currency to gold at the same level as Denmark and Sweden (.403 grams [1]). The monetary union was one of the few tangible results of the Scandinavian political movement of the 19th century. Scandinavia, Fennoscandia, and the Kola Peninsula. ... The Scandinavian Mountains, or Skanderna, Kölen or Fjällen, are a mountain range that runs through the Scandinavian Peninsula. ... The Scandinavian Peninsula is a peninsula located at the northwest corner of Europe and encloses the Baltic Sea. ... The Scandinavian languages are the three mutually intelligible North Germanic languages spoken in Scandinavia: Danish, Norwegian and Swedish. ... The Viking Age is the name of the period between 793 A.D and 1066 A.D in Scandinavia. ... The Varangians or Variags were Scandinavians who travelled eastwards, mainly from Sweden. ... The name Viking is a loan from the native Scandinavian term for the Norse seafaring warriors who raided the coasts of Scandinavia, the British Isles, and other parts of Europe from the late 8th century to the 11th century, the period of European history referred to as the Viking Age. ... poopthing (Old Norse and Icelandic: Ã¾ing; other modern Scandinavian: ting) was the governing assembly in Germanic societies, made up of the free men of the community and presided by lawspeakers. ... The Kalmar Union (Danish/Norwegian/Swedish: Kalmarunionen) was a series of personal unions (1397–1520) that united the three kingdoms of Denmark, Norway and Sweden under a single monarch. ... The Kingdom of Denmark-Norway, consisting of Denmark and Norway, including Norways possessions Iceland, Greenland and the Faroe Islands, is a term used for the two united kingdoms after their amalgamation as one state in 1536. ... The Kingdom of Sweden-Norway is a term sometimes, but erroneously, used to refer to the kingdoms of Sweden and Norway between 1814 and 1905, when they were united under one monarch in a personal union, following the Convention of Moss, on August 14, and the Norwegian constitutional revision of... A Scandinavian defense union that would include Sweden, Norway and Denmark was planned between the three countries after World War II. Denmark and Norway had been occupied by Germany between 1940 and 1945, while Sweden, having escaped the horrors of occupation it had, still felt the effects of the war. ... The history of Scandinavia is the common history of the Scandinavian countries Denmark, Norway and Sweden. ... In economics, a monetary union is a situation where several countries have agreed to share a single currency among them, for example, the East Caribbean Dollar. ... May 5 is the 125th day of the year in the Gregorian Calendar (126th in leap years). ... 1873 was a common year starting on Wednesday (see link for calendar). ... 1922 U.S. gold certificate The gold standard is a monetary system in which the standard economic unit of account is a fixed weight of gold. ... 1875 was a common year starting on Friday (see link for calendar). ... Scandinavia, Fennoscandia, and the Kola Peninsula. ... Alternative meaning: Nineteenth Century (periodical) (18th century — 19th century — 20th century — more centuries) As a means of recording the passage of time, the 19th century was that century which lasted from 1801-1900 in the sense of the Gregorian calendar. ...

The union provided fixed exchange rates and stability in monetary terms, but the member countries continued to issue their own separate currencies. Even if it was not initially foreseen, the perceived security led to a situation where the formally separate currencies were accepted on a basis of "as good as" the legal tender virtually throughout the entire area. Legal tender or forced tender is payment that cannot be refused in settlement of a debt by virtue of law. ...

Upon acceding to the union Sweden had the name of its currency changed from Riksdaler Riksmynt to Krona. Krone was already the name of the Danish currency and when Norway joined they also had a Norwegian Krone. The name literally means Crown and the differences in spelling of the name represent the differences between the Scandinavian languages. The daler or the Riksdaler was the name of the currency used in Sweden until 1873 when it was replaced with the krona as an effect of the Scandinavian Monetary Union. ... This article is about the Swedish unit of currency. ... The Danish krone is the currency used in Denmark and the Danish dependency of Greenland. ... Krone is the name of the currency used in Norway. ... Crown reverse, 1953 and 1960. ... The North Germanic languages (also Scandinavian languages or Nordic languages) is a branch of the Germanic languages spoken in Scandinavia, parts of Finland and on the Faroe Islands and Iceland. ...

In 1905 the political union between Sweden and Norway was dissolved, but this did not affect the basis for co-operation in the monetary union. It was instead the outbreak of World War I, in 1914 that brought an end to the monetary union. Sweden abandoned the tie to gold on August 2, 1914 and without a fixed exchange rate the free circulation came to an end. 1905 was a common year starting on Sunday (see link for calendar). ... WWI redirects here. ... 1914 is a common year starting on Thursday. ... August 2 is the 214th day of the year in the Gregorian Calendar (215th in leap years), with 151 days remaining. ...

Sweden, Norway and Denmark still use the same currencies as during the monetary union, but they lost their peg, one to one, in 1914. The Icelandic Króna is a derivative of the Danish Krone, after the island gained independence from Denmark in 1918, and then full sovereignty in 1944. KrÃ³na is the name of the currency used in Iceland . ... 1918 was a common year starting on Tuesday (see link for calendar). ... 1944 was a leap year starting on Saturday (link will take you to calendar). ...

Today, these are some of the few countries in western Europe that are not members of an even more ambitious project: the Euro. The euro (â‚¬; ISO 4217 code EUR) is the currency of twelveEuropean Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. ...

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Sveriges Riksbank is the central bank of Sweden, sometimes called just the Bank of Sweden. ... The Monetary policy of Sweden is decided by Sveriges Riksbank, the central bank of Sweden. ... Skandinaviska Banken, literally the Scandinavian Bank, was a Swedish bank founded in Gothenburg, 1864. ... Sweden is an industrialized country. ... Denmarks industrialized market economy depends on imported raw materials and foreign trade. ... Source: Central Bureau of Statistics, Norway Although sensitive to global business cycles, the economy of Norway has shown robust growth since the start of the industrial era. ...

Categories: Scandinavian history | Numismatics | History of Denmark | History of Norway | History of Sweden The euro (â‚¬; ISO 4217 code EUR) is the currency of twelveEuropean Union member states: Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Portugal, and Spain. ... Download high resolution version (1200x800, 13 KB) File links The following pages link to this file: Austria Belgium Bulgaria Czech Republic Croatia Cyprus Economy of Cyprus Economy of the Czech Republic Council of Europe Economy of Denmark Drachma European Union Estonia Euro European Parliament Talk:European Union European Free Alliance... The Eurozone (also called Euro-area or Euroland) is the subset of European Union member states which have adopted the Euro (€) currency, creating a currency union. ... The Schilling was the currency of Austria until the Euro exchange in 2002. ... The Belgian franc (Dutch Belgische frank, French franc belge) was the currency of Belgium before the adoption of the euro. ... The guilder (Dutch gulden), represented by the symbol ƒ, was the name of the currency used in the Netherlands from the 15th century until 1999, when it was replaced by the euro (coins and notes were not introduced until 2002). ... The markka or mark was the currency used in Finland from 1861 until January 1, 1999, when it was replaced by the euro (€). The currency code used for the markka was FIM, and the usual familiar notation was a postfix mk. ... Though abolished as a legal coin by Louis XIII in 1641 in favor of the gold louis or ecu, the term franc continued to be used in common parlance for the livre tournois. ... A 10 Deutsche Mark banknote from Germany 1993 showing Carl Friedrich Gauss (http://www. ... Drachma, pl. ... The Irish pound (Irish: punt) was the currency unit of the Republic of Ireland until 1999. ... Lira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, San Marino and the Vatican City. ... The conquest of most of western Europe by Revolutionary and Napoleonic France led to the francs wide circulation. ... The escudo was the official currency of Portugal prior to the introduction of the euro in January 1, 1999 (euro coins and notes were not introduced until 2002). ... Lira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, San Marino and the Vatican City. ... // The end of the Spanish Peseta (1868-2002) and the introduction of the European Union Euro (From 1999/2002) The PESETA (â‚§, ESP) was the currency of Spain (and Andorra, along with the French franc) until December 31, 1998. ... Lira is the name of the monetary unit of a number of countries, as well as the former currency of Italy, San Marino and the Vatican City. ... The European exchange rate mechanism (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single... The Cyprus Pound (Λίρα, pl. ... The Danish krone is the currency used in Denmark and the Danish dependency of Greenland. ... The Kroon is the official currency of Estonia. ... For common abbreviations, see latitude and latissimus dorsi muscle. ... The Litas (LTL or Lt, Lithuanian plural form Litai) is the official currency of Lithuania. ... The Maltese lira, known in the Maltese language as the Lira Maltija, is the currency of Malta. ... The tolar has been the currency of Slovenia since October 1991. ... The pound sterling, which strictly speaking refers to basic currency unit of sterling, now the pound, can generally refer to the currency of the United Kingdom (UK). ... The Koruna (English translation Crown) is the currency used in the Czech Republic and Slovakia. ... Forint, or HUF (Hungarian Forint) is the official currency of Hungary. ... Złoty. ... The Koruna (English translation Crown) is the currency used in the Czech Republic and Slovakia. ... The Krona is the currency used in Sweden. ... The European exchange rate mechanism (or ERM) was a system introduced by the European Community in March 1979, as part of the European Monetary System (EMS), to reduce exchange-rate variability and achieve monetary stability in Europe, in preparation for Economic and Monetary Union and the introduction of a single...

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