The Nordic countries or Nordics are a geographical and cultural region in Northern Europe and the North Atlantic, where they are most commonly known as Norden. They consist of Denmark, Iceland and Sweden, the population of the Nordic countries are mainly Scandinavian or Finnish, with Greenlandic Inuit and the Sami people as minorities. Of todays native languages, Danish, Icelandic, the non-Germanic languages spoken are Finnish and several Sami languages. The main religion is Lutheran Christianity, the Nordic countries have much in common in their way of life, their use of Scandinavian languages and social structure. Politically, Nordic countries do not form an entity. Especially in English, Scandinavia is sometimes used as a synonym for the Nordic countries, Scandinavian Peninsula on the other hand covers mainland Norway and Sweden as well as the northernmost part of Finland. At 3,425,804 square kilometers, the area of the Nordic countries would form the 7th-largest country in the world. Uninhabitable icecaps and glaciers comprise about half of area, mostly in Greenland.
In January 2013, the region had a population of around 26 million people, the Nordic countries cluster near the top in numerous metrics of national performance, including education, economic competitiveness, civil liberties, quality of life, and human development. Although the area is linguistically heterogeneous, with three unrelated groups, the common linguistic heritage is one of the factors making up the Nordic identity. The North Germanic languages Danish and Swedish are considered mutually intelligible and these languages are taught in school throughout the Nordic countries. Swedish, for example, is a subject in Finnish schools. Danish is mandatory in Faroese and Greenlandic schools, as these states are a part of the Danish Realm. Iceland teaches Danish, since Iceland too was a part of the Danish Realm until 1918, there is a high degree of income redistribution and little social unrest. The Nordic countries consists of historical territories of the Scandinavian countries, areas that share a common history and it is meant unambiguously to refer to this larger group, since the term Scandinavia is narrower and sometimes ambiguous.
The Nordic countries are considered to unambiguously refer to Denmark, Iceland and Sweden. The term is derived indirectly from the local term Norden, used in the Scandinavian languages, unlike the Nordic countries, the term Norden is in the singular. The demonym is nordbo, literally meaning northern dweller, especially outside of the Nordic region the term Scandinavia is often used incorrectly as a synonym for the Nordic countries
Iron Age Scandinavia
Iron Age Scandinavia refers to the Iron Age, as it unfolded in Scandinavia. The 6th and 5th century BC was a point for exports and imports on the European continent. Now they had to be practically self-dependent and self-sustaining, archaeology attests a rapid and deep change in the Scandinavian culture and way of life. Agricultural production became more intensified, organized around larger settlements and with a much more labour-intensive production, slaves were introduced and deployed, something uncommon in the Nordic Bronze Age. Bronze could not be produced in Scandinavia, as tin was not a natural resource. Iron is a metal and was suitable for tools and weapons. The Bronze Age ard plough was still the plough of choice, herds of livestock had pasture grazed freely in large wood pastures, but were now placed in stables, probably to utilize manure more efficiently and increase agricultural production. Even though the advent of the Iron Age in Scandinavia was a time of great crisis, the period might just reflect a change of culture and not necessarily a decline in standards of living.
The Iron Age in Scandinavia and Northern Europe begins around 500 BC with the Jastorf culture, AD800 and the beginning Viking Age. It succeeds the Nordic Bronze Age with the introduction of metallurgy by contact with the Hallstatt D/La Tène cultures. Jørgen Jensen, I begyndelsen, Gyldendal og Politikens Danmarks Historie, ISBN 87-89068-26-2 Bente Magnus, G Franceschi, Asger Jorn, Men and Masks in Nordic Iron Age Art
A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types can be distinguished, specie and exchange, the gold bullion standard is a system in which gold coins do not circulate, but the authorities agree to sell gold bullion on demand at a fixed price in exchange for the circulating currency. The gold exchange standard usually does not involve the circulation of gold coins. This creates a de facto standard, where the value of the means of exchange has a fixed external value in terms of gold that is independent of the inherent value of the means of exchange itself. Most nations abandoned the standard as the basis of their monetary systems at some point in the 20th century. An estimated total of 174,100 tonnes of gold have been mined in human history and this is roughly equivalent to 5.6 billion troy ounces or, in terms of volume, about 9,261 cubic metres, or a cube 21 metres on a side. There are varying estimates of the volume of gold mined.
One reason for the variance is that gold has been mined for thousands of years, another reason is that some nations are not particularly open about how much gold is being mined. In addition, it is difficult to account for the output in illegal mining activities. World production for 2011 was at 2,700 tonnes, since the 1950s, annual gold output growth has approximately kept pace with world population growth of around 2x, although far less than world economic growth of some 8x, or some 4x since 1980. The gold specie standard arose from the acceptance of gold as currency. Various commodities have been used as money, the one that loses the least value over time becomes the accepted form, the use of gold as money began thousands of years ago in Asia Minor. During the early and high Middle Ages, the Byzantine gold solidus, commonly known as the bezant, was used widely throughout Europe, however, as the Byzantine Empires economic influence declined, so too did the use of the bezant. In its place, European territories chose silver as its currency over gold, Silver pennies based on the Roman denarius became the staple coin of Mercia in Great Britain around the time of King Offa, circa CE 757–796.
Similar coins, including Italian denari, French deniers, and Spanish dineros circulated in Europe, Spanish explorers discovered silver deposits in Mexico in 1522 and at Potosí in Bolivia in 1545. International trade came to depend on such as the Spanish dollar, the Maria Theresa thaler, and later. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard, following Queen Annes proclamation of 1704, the British West Indies gold standard was a de facto gold standard based on the Spanish gold doubloon. A formal gold specie standard was first established in 1821, when Britain adopted it following the introduction of the sovereign by the new Royal Mint at Tower Hill in 1816
Union between Sweden and Norway
The Norwegian government was presided over by viceroys, Swedes until 1829, Norwegians until 1856. That office was vacant and abolished in 1873. Foreign policy was conducted through the Swedish foreign ministry until the dissolution of the union in 1905, by the 1814 Treaty of Kiel, the King of Denmark-Norway was forced to cede Norway to the King of Sweden. But Norway refused to submit to the treaty provisions, declared independence, after the adoption of the new Constitution of Norway on 17 May 1814, Prince Christian Frederick was elected king. On 4 November the Storting elected Charles XIII as the King of Norway, Sweden accepted the unions dissolution on 26 October. After a plebiscite confirming the election of Danish Prince Carl as the new king of Norway, he accepted the Stortings offer of the throne on 18 November and took the regnal name of Haakon VII. After the establishment of absolutism in 1660, a centralised form of government was established. The united kingdoms are referred to as Denmark-Norway by historians, the ambitious wars waged by king Charles XII, led to the loss of that status after the Great Northern War, 1700–1721.
Sweden invaded Norway in 1567,1644,1658 and 1716, to wrest the country away from the union with Denmark, the repeated wars and invasions led to popular resentment against Sweden among Norwegians. During the 18th century, Norway enjoyed a period of great prosperity, the biggest growth industry was the export of planks, with Great Britain as the chief market. Some members of the aristocracy saw Sweden as a more natural partner. Around 1800, many prominent Norwegians secretly favoured a break with Denmark and their undeclared leader was Count Herman Wedel-Jarlsberg. The Swedish policy during the period was to cultivate contacts in Norway. King Gustav III actively approached circles in Norway that might favour a union with Sweden instead of Denmark, such endeavours on both sides of the border toward a rapprochement were far from realistic before the Napoleonic Wars created conditions that caused political upheavals in Scandinavia. Sweden and Denmark-Norway tried to remain neutral during the Napoleonic wars, both countries joined Russia and Prussia in a League of Armed Neutrality in 1800.
Denmark-Norway was forced to withdraw from the League after the British raid on the navy during the first Battle of Copenhagen in April 1801, the league collapsed after the assassination of Tsar Paul I of Russia in 1801. Denmark-Norway was compelled into an alliance with France after the British preemptive second attack on the Danish navy, the defenceless capital had to surrender the navy after heavy bombardment, because the army was at the southern border to defend it against a possible French attack. As Sweden in the meantime had sided with the British, Denmark-Norway was forced by Napoleon to declare war on Sweden on 29 February 1808
Norges Bank / Noregs Bank is the central bank of Norway. The limited transparency of some SWFs makes it difficult to make assessments of their assets under management. On 31 December 2010, the bank had 590 employees, all Executive Board appointments are made by the King of Norway, after a decision by the Council of State. The Chairman of the Executive Board, Øystein Olsen, who presides over the Bank, is the acting Central Bank Governor, both the Governor and the Deputy Governor make speaking appearances across the country on a number of occasions each year. The bank decided that the unit was to be the speciedaler. The Money Act of 17 April 1875 discontinued the terms daler and skilling and this was done to prepare for Norways entry, on 16 October that year, into the Scandinavian Monetary Union. This union had established between Denmark and Sweden in 1873 on the recommendation of a joint commission to establish a common Scandinavian coin based on gold. It meant that the other coins were to be legal tender on the same basis as those struck at home.
The union functioned until 1914, thereafter it lacked all practical significance, during the second world war, the seat of Norges Bank was temporarily moved to London in 1940, in that the Norwegian government-in-exile established a new board. The banks gold reserves were evacuated via Åndalsnes and Tromsø to London and this gold and the banks other currency reserves were under the control of the London board. At the same time, the bank continued its operations in Norway under the direction of the Nazis until the war was over, a commission of inquiry after the war concluded that the Banks Oslo management had taken a firm and correct attitude towards the Nazi authorities. In 1962, the Mint Supervisory Authority and the Royal Mint were transferred from the state to Norges Bank, NBIM is a separate part of Norges Bank and is responsible for the operational management of the Government Pension Fund - Global. NBIM manages Norges Banks foreign exchange reserves, NBIM invests the funds assets and the foreign exchange reserves in international equities and fixed income instruments, money market instruments and derivatives.
Karl Gether Bomhoff Nicolai Rygg Arnold C
The term Danish Realm refers to the relationship between Denmark proper, the Faroe Islands and Greenland—three countries constituting the Kingdom of Denmark. The legal nature of the Kingdom of Denmark is fundamentally one of a sovereign state. The Faroe Islands and Greenland have been part of the Crown of Denmark since 1397 when the Kalmar Union was ratified, legal matters in The Danish Realm are subject to the Danish Constitution. Beginning in 1953, state law issues within The Danish Realm has been governed by The Unity of the Realm, a less formal name for The Unity of the Realm is the Commonwealth of the Realm. In 1978, The Unity of The Realm was for the first time referred to as rigsfællesskabet. The name caught on and since the 1990s, both The Unity of The Realm and The Danish Realm itself has increasingly been referred to as simply rigsfællesskabet in daily parlance. The Danish Constitution stipulates that the foreign and security interests for all parts of the Danish Realm are the responsibility of the Danish government, the Faroes received home rule in 1948 and Greenland did so in 1979.
In 2005, the Faroes received a self-government arrangement, and in 2009 Greenland received self rule, the Danish Realms unique state of internal affairs is acted out in the principle of The Unity of the Realm. This principle is derived from Article 1 of the Danish Constitution which specifies that constitutional law applies equally to all areas of the Danish Realm, the Constitutional Act specifies that sovereignty is to continue to be exclusively with the authorities of the Realm. The language of Denmark is Danish, and the Danish state authorities are based in Denmark, the Kingdom of Denmarks parliament, with its 179 members, is located in the capital, Copenhagen. Two of the members are elected in each of Greenland and the Faroe Islands. The Government ministries are located in Copenhagen, as is the highest court, in principle, the Danish Realm constitutes a unified sovereign state, with equal status between its constituent parts. Devolution differs from federalism in that the powers of the subnational authority ultimately reside in central government.
The Self-Government Arrangements devolves political competence and responsibility from the Danish political authorities to the Faroese, the Faroese and Greenlandic authorities administer the tasks taken over from the state, enact legislation in these specific fields and have the economic responsibility for solving these tasks. The Danish government provides a grant to the Faroese and the Greenlandic authorities to cover the costs of these devolved areas. The 1948 Home Rule Act of the Faroe Islands sets out the terms of Faroese home rule, the Act states. the Faroe Islands shall constitute a self-governing community within the State of Denmark. It establishes the government of the Faroe Islands and the Faroese parliament. The Faroe Islands were previously administered as a Danish county, the Home Rule Act abolished the post of Amtmand and these powers were expanded in a 2005 Act, which named the Faroese home government as an equal partner with the Danish government
Danmarks Nationalbank is the central bank of the Kingdom of Denmark. It is a member of the European System of Central Banks. Since its establishment in 1818, objective of the Nationalbank as an independent and credible institution is to issue the Danish currency, the krone, the Board of Governors holds full responsibility for the monetary policy. The building which houses the headquarters was designed by the renowned architect Arne Jacobsen, in collaboration with da, Hans Dissing and, da. After Jacobsens death, his office, renamed Dissing+Weitling, has brought the construction to completion, Danmarks Nationalbank undertakes all functions related to the management of the Danish central-government debt. The division of responsibility is set out in an agreement between the Ministry of Finance of Denmark and Danmarks Nationalbank and Faroese banknotes are printed at Danmarks Nationalbanks Banknote Printing Works. This ended 20 December 2016, and the printing of banknotes has been outsourced due to demand for cash.
The bank was established on 1 August 1818 by King Frederick VI of Denmark, the private bank was given a 90-year monopoly on currency issue, which was extended in 1907 out to 1938. In 1914, the National Bank became the banker for the Danish government. The bank became fully independent of the government in 1936, the Board of Governors consists of three members. The Chairman of the Board of Governors is Governor by Royal Appointment, the two other Governors are appointed by the Board of Directors. J. A. Schrøder 1935-1955, Ove Jepsen 1936-1949, C. V, the two latter provinces were lost in the 1864 Second War of Schleswig, and the bank is the only official Danish institution still using this insignia. Since the late 19th century, coins minted by the bank carry a heart-shaped mint mark, before this time, the Mint used a mark showing the royal crown. Economy of Denmark Economy of the Faroe Islands Economy of Greenland Economy of Europe Financial Supervisory Authority Payment system Real-time gross settlement Official website
Fixed exchange-rate system
There are benefits and risks to using a fixed exchange rate. In doing so, the rate between the currency and its peg does not change based on market conditions, the way floating currencies do. A fixed exchange-rate system can be used as a means to control the behavior of a currency, however, in doing so, the pegged currency is controlled by its reference value. In other words, a currency is dependent on its reference value to dictate how its current worth is defined at any given time. The central bank provides the assets and/or the foreign currency or currencies which are needed in order to any payments imbalances. In the 21st century, the associated with large economies typically do not fix or peg exchange rates to other currencies. The last large economy to use a fixed exchange system was the Peoples Republic of China which, in July 2005. The European Exchange Rate Mechanism is used on a basis to establish a final conversion rate against the Euro from the local currencies of countries joining the Eurozone.
The gold standard or gold standard of fixed exchange rates prevailed from about 1870 to 1914. The period between the two wars was transitory, with the Bretton Woods system emerging as the new fixed exchange rate regime in the aftermath of World War II. It was formed with an intent to rebuild war-ravaged nations after World War II through a series of currency stabilization programs, the early 1970s saw the breakdown of the system and its replacement by a mixture of fluctuating and fixed exchange rates. Timeline of the exchange rate system, The earliest establishment of a gold standard was in the United Kingdom in 1821 followed by Australia in 1852. Under this system, the value of all currencies was denominated in terms of gold with central banks ready to buy. Each central bank maintained gold reserves as their official reserve asset, for example, during the “classical” gold standard period, the U. S. dollar was defined as 0.048 troy oz. of pure gold. Following the Second World War, the Bretton Woods system replaced gold with the U. S. dollar as the reserve asset.
The regime intended to combine binding legal obligations with multilateral decision-making through the International Monetary Fund, the rules of this system were set forth in the articles of agreement of the IMF and the International Bank for Reconstruction and Development. S. Dollar and to exchange rates within 1% of parity by intervening in their foreign exchange markets. In December 1971, the Smithsonian Agreement paved the way for the increase in the value of the price of gold from US$35.50 to US$38 an ounce
Nordic Stone Age
The Nordic Stone Age refers to the Stone Age of Scandinavia. As the ice receded, reindeer grazed on the plains of Denmark and southernmost Sweden, while along the coast of western Sweden, marine resources were exploited. This was the land of the Ahrensburg culture and preceding Hamburg culture, tribes who hunted over territories 100,000 km² vast, on this land there was little forest but arctic white birch and rowan, but the taiga slowly appeared. In the 7th millennium BCE, the climate in Scandinavia was warming as it transitioned from the former Boreal age to the Atlantic period and their hunters had already migrated and inhabited the lands of northern Scandinavia, and forests had established. A culture called the Maglemosian culture lived in the areas of Denmark, to the north, in Norway and along the coast of western Sweden, the Fosna-Hensbacka culture was living mostly in changing seasonal camps along the shores and close to the now thriving forests. Utilizing fire and stone tools, these Stone Age tribal cultures managed to survive in northern Europe, the northern hunter-gatherers followed the herds and the salmon runs, moving south during the winters, moving north again during the summers.
During the 6th millennium BCE, the climate of Scandinavia was generally warmer and more humid than today, large animals like aurochs, wisent and red deer roamed freely in the forests and was hunting game for tribes of what we now call the Kongemose culture. Like their predecessors, the Kongemose tribes hunted animals such as seals. North of the Kongemose people, lived other hunter-gatherers in most of southern Norway and Sweden, now dubbed the Nøstvet and Lihult cultures, descendants of the Fosna and Hensbacka cultures. During the 5th millennium BCE, the Ertebølle people learned pottery from neighbouring tribes in the south, they too started to cultivate the land and, ca 4000 BCE, they became part of the megalithic Funnelbeaker culture. During the 4th millennium BCE, these Funnelbeaker tribes expanded into Sweden up to Uppland, the Nøstvet and Lihult tribes learned new technology from the advancing farmers, but not agriculture, and became the Pitted Ware cultures, towards the end of the 4th millennium BCE.
At least one settlement appears to be mixed, the Alvastra pile-dwelling and this new people advanced up to Uppland and the Oslofjord, and they probably provided the language that was the ancestor of the modern Scandinavian languages. These new tribes were individualistic and clearly patriarchal with the axe as a status symbol. They were cattle herders and with them most of southern Scandinavia entered the Neolithic, soon a new invention would arrive, that would usher in a time of cultural advance in Scandinavia, the Bronze Age
History of Sweden
During the 11th and 12th centuries, Sweden gradually became a unified Christian kingdom that included what is today Finland. During the early Middle Ages, the Swedish state expanded to control Norrland and Finland, Modern Sweden started out of the Kalmar Union formed in 1397 and by the unification of the country by King Gustav Vasa in the 16th century. Vasa fought for an independent Sweden and broke with the papacy, in the 17th century Sweden expanded its territories to form the Swedish empire. Most of these territories had to be given up during the 18th century. During the 17th century, after winning wars against Denmark, Swedens role in the Thirty Years War determined the political as well as the religious balance of power in Europe. The Russians won a war against Sweden in 1709, capturing much of the Swedish army, Sweden joined in the Enlightenment culture of the day in the arts, architecture and learning. Between 1570 and 1800 Sweden experienced two periods of urban expansion, Finland was lost to Russia in a war in 1808–1809.
In the early 19th century Finland and the territories outside the Scandinavian Peninsula were lost. After its last war in 1814, Sweden entered into a union with Norway which lasted until 1905. Since 1814, Sweden has been at peace, adopting a foreign policy in peacetime. Sweden was neutral in World War I, post-war prosperity provided the foundations for the social welfare policies characteristic of modern Sweden. Sweden created a model of social democracy. Sweden remained neutral during World War II, avoiding the fate of occupied Norway, Sweden was one of the first non-participants of World War II to join the United Nations. Apart from this, the tried to stay out of alliances and remain officially neutral during the entire Cold War. The social democratic party held government for 44 years, the 1976 parliamentary elections brought a liberal/right-wing coalition to power. During the Cold War, Sweden was suspicious of the superpowers, with the end of the Cold War, that suspicion has lessened somewhat, although Sweden still chooses to remain nonaligned.
The earliest images can, however, be found in the province of Jämtland and they depict wild animals such as elk, reindeer and seals. The period 2300–500 BC was the most intensive carving period, with carvings of agriculture, ships, domesticated animals, petroglyphs with themes have been found in Bohuslän, these are dated from 800–500 BC
The Baltic Sea is a sea of the Atlantic Ocean, enclosed by Scandinavia, the Baltic countries, and the North European Plain. It includes the Gulf of Bothnia, the Bay of Bothnia, the Gulf of Finland, the Gulf of Riga, the sea stretches from 53°N to 66°N latitude and from 10°E to 30°E longitude. The Baltic Sea is connected by waterways to the White Sea via the White Sea Canal. Traffic history Historically, the Kingdom of Denmark collected Sound Dues from ships at the border between the ocean and the land-locked Baltic Sea and they were collected in the Øresund at Kronborg castle near Helsingør, in the Great Belt at Nyborg. In the Little Belt, the site of intake was moved to Fredericia, the narrowest part of Little Belt is the Middelfart Sund near Middelfart. Oceanography Geographers widely agree that the physical border of the Baltic is a line drawn through the southern Danish islands, Drogden-Sill. The Drogden Sill is situated north of Køge Bugt and connects Dragør in the south of Copenhagen to Malmö, it is used by the Øresund Bridge, including the Drogden Tunnel.
By this definition, the Danish Straits are part of the entrance, but the Bay of Mecklenburg, another usual border is the line between Falsterbo and Stevns Klint, Denmark, as this is the southern border of Øresund. Its the border between the shallow southern Øresund and notably deeper water and biology Drogden Sill sets a limit to Øresund and Darss Sill, and a limit to the Belt Sea. The shallow sills are obstacles to the flow of salt water from the Kattegat into the basins around Bornholm. The Kattegat and the southwestern Baltic Sea are well oxygenated and have a rich biology, the remainder of the Sea is brackish, poor in oxygen and in species. While Tacitus called it Mare Suebicum after the Germanic people called the Suebi, the origin of the latter name is speculative. Adam of Bremen himself compared the sea with a belt, stating that it is so named because it stretches through the land as a belt and he might have been influenced by the name of a legendary island mentioned in the Natural History of Pliny the Elder.
Pliny mentions an island named Baltia with reference to accounts of Pytheas and it is possible that Pliny refers to an island named Basilia in On the Ocean by Pytheas. Baltia might be derived from belt and mean near belt of sea, others have suggested that the name of the island originates from the Proto-Indo-European root *bhel meaning white, fair. This root and its meaning were retained in both Lithuanian and Latvian. On this basis, a related hypothesis holds that the name originated from this Indo-European root via a Baltic language such as Lithuanian, yet another explanation is that the name originally meant enclosed sea, bay as opposed to open sea. Some Swedish historians believe the name derives from the god Balder of Nordic mythology, in the Middle Ages the sea was known by variety of names