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Encyclopedia > Scandinavian Monetary Union
This article is part of the
Scandinavia series
Scandinavian Mountains
Scandinavian Peninsula
Scandinavian languages
Viking Age
Varangian
Viking
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Kalmar Union
Denmark-Norway
Sweden-Norway
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Scandinavia
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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: þing; 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. Króna 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 (€; 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. ...


See also


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. ...

Pre-euro currencies and non-euro currencies EU Flag
Eurozone Austrian schilling | Belgian franc | Dutch guilder | Finnish markka | French franc | German mark | Greek drachma | Irish pound | Italian lira | Luxembourg franc | Portuguese escudo | San Marinese lira | Spanish peseta | Vatican lira
ERM Cypriot pound | Danish krone1 | Estonian kroon | Latvian lat | Lithuanian litas | Maltese lira | Slovenian tolar
Other EU British pound1 | Czech koruna | Hungarian forint | Polish zloty | Slovak koruna | Swedish krona2
Notes:
1 – negotiated an opt-out and is not obliged to join the Eurozone.
2 – technically obliged to join the Eurozone, but deliberately fails to meet one of the Maastricht criteria (namely membership in ERM II).

  Results from FactBites:
 
History of Previous European Currency Unions (3650 words)
Prussia was by far the dominant member of the union, as it comprised 70% of the population and land mass of the future Germany.
It is common to confuse the logistics of a monetary union with its underpinnings.
But, in a monetary union with mutual guarantees among the members (even if it is only implicit as is the case in the eurozone), fiscal profligacy, even of one or two large players, may force the central monetary authority to raise interest rates in order to pre-empt inflationary pressures.
Euro - Encyclopedia, History, Geography and Biography (6552 words)
The euro was established by the provisions in the 1992 Maastricht Treaty on European Union that was used to establish an economic and monetary union.
The rates were determined by the Council of the European Union, based on a recommendation from the European Commission based on the market rates on 31 December 1998, so that one ECU (European Currency Unit) would equal one euro.
Stability and Growth Pact is an agreement by European Union member states related to their conduct of fiscal policy, to facilitate and maintain Economic and Monetary Union.
  More results at FactBites »

 
 

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