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The Norns rule the destiny of gods and men. They roughly correspond to the Fates in classical mythology.  In Snorri Sturluson's interpretation …

The Norns rule the destiny of gods and men. They roughly correspond to the Fates in classical mythology.  In Snorri Sturluson's interpretation of the Völuspá, Urðr, Verðandi and Skuld, the three most important of the Norns tend the world-tree Yggdrasill so that its branches will not rot.  Skuld is the youngest of the three and also a Valkyr.

The Prose Edda states "A hall stands there, fair, under the ash by the well, and out of that hall come three maids, who are called thus: Urdr, Verdandi, Skuld; these maids determine the period of men's lives: we call them Norns; but there are many norns: those who come to each child that is born, to appoint his life; these are of the race of the gods, but the second are of the Elf-people, and the third are of the kindred of the dwarves".

(two variations posted as i couldnt decide which background i preferred)