Scandinavian Monetary Union

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Scandinavian Monetary Union

A currency union between Sweden and Denmark established in 1873. Norway, which was politically united to Sweden but set its own currency policy, joined two years later. Each country continued to issue its own currency, but each was pegged to gold at the same value. This led to each currency being accepted in the other jurisdictions. The Union was dissolved in 1914 with the onset of World War I.

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For instance, five European countries joined ranks to set up the Latin monetary union between 1875 and 1927, three other countries formed the Scandinavian monetary union (1873-1914).

The Gulf Monetary Union Depicted as an Economic Gain

We found that there was a key difference between the success rates of national monetary unions like the United States, Canada, Germany, and Italy compared with international monetary unions like the Scandinavian Monetary Union and the Latin Monetary Union.

The United States as a monetary union and the euro: a historical perspective

1873: Denmark adopts the krone in the Scandinavian Monetary Union with Sweden, whose new currency is called the krona (Norway joins in 1875, with the krone).

Europe's national currencies: Jonathan Williams and Andrew Meadows review the history of the various currencies being replaced by the Euro

German unification marked the culminating point of monetary simplification in Europe during the second millennium: only eighteen currencies were left in Europe in 1875 and eight of these were officially linked either by the Latin Monetary Union (LMU) or by the Scandinavian Monetary Union.

A fundamental distinction has to be made between supranational monetary unions agreed on by sovereign states (such as the German, Latin and Scandinavian monetary unions), and the national political unifications followed by the introduction of a single currency (the establishment of the Swiss franc, the Italian lira and the German mark).[1] The latter have been occasionally quoted as relevant precedents for the euro, but they are not, since they lack most of the difficulties of intergovernmental negotiations, particularly the matter of vetoes, and will be discussed only briefly.

'THE GENEROUS UTOPIA OF YESTERDAY CAN BECOME THE PRACTICAL ACHIEVEMENT OF TOMORROW': 1000 YEARS OF MONETARY UNION IN EUROPE

It covers three surviving monetary unions (the Zollverein, the Swiss experience, and the Belgium-Luxembourg union) and two that failed (the Latin Monetary Union and the Scandinavian Monetary Union).

The Euro Versus the U.S. Dollar: An Overview

In contrast, monetary integration without political integration - as in the Latin or Scandinavian monetary unions - was ultimately doomed to fail.