The Scandinavian Monetary Union

The Scandinavian Monetary Union was a cooperation between Sweden, Denmark, and Norway from 1905 to 1914, where they agreed to keep their currencies fixed in value to gold. This meant that each country's currency could be exchanged for a specific amount of gold, making cross-border trade and payments easier and more stable. The union helped these countries avoid currency fluctuations and promoted economic integration. It dissolved when World War I started, but it laid the groundwork for later monetary cooperation in Scandinavia.