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The ensuing years saw Norway entangled in a union with Sweden, which, despite granting some autonomy, imposed heavy debts and economic strains on the newly established nation. A financial recovery plan was set into motion with the establishment of Norges Bank under Jacob Frederick Oxholm. However, it was Norway's struggle against the backdrop of external pressures that instigated a calling for independence, a call that was ultimately answered in 1905 when Christian Michelsen led Norway to unilaterally dissolve the union with Sweden, paving the way for a fully independent nation.