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.

Compared with the difficult management of the LMU, the Scandinavian Monetary Union (SMU) was initially a resounding success.

Between the 14th and the 19th centuries, a series of coinage unions were set up in the German speaking world, which served as models for the Latin and Scandinavian monetary unions in 1865 and 1872.

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

The 1873 Scandinavian Monetary Union of Sweden and Denmark, joined by Norway in 1875, turned out to be the longest lasting of the 19th century unions.

Overall, the disintegration of the Scandinavian monetary union was caused by inherent flaws that were also encountered by the Latin Monetary Union (Graboyes, 1990).

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.