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Denmark and the euro

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Eurozone participation
European Union member states
(special territories not shown)
  21 in the eurozone
  1 in ERM II, with an opt-out (Denmark)
  5 not in ERM II, but committed to join the eurozone after meeting the convergence criteria (Czech Republic, Hungary, Poland, Romania, and Sweden)
Non–EU member states
  4 using the euro with a monetary agreement (Andorra, Monaco, San Marino, and Vatican City)
  2 using the euro unilaterally (Kosovo and Montenegro)

Denmark uses the Danish krone as its official currency. While it is a member state of the European Union, it has not joined the eurozone or adopted the euro. The country negotiated the right to opt out from participation under the Maastricht Treaty of 1992. In 2000, the government held a referendum on introducing the euro, which was defeated with 53.2% voting no and 46.8% voting yes. The Danish krone is part of the ERM II mechanism, so its exchange rate is tied to within a 2.25% range of the euro.

Several Danish political parties favour adopting the euro, and a second referendum has been proposed several times since 2000. However, some important parties such as the Danish People's Party, Socialist People's Party, and Red–Green Alliance do not support joining the currency. Public opinion surveys have shown fluctuating support for the single currency, with the majority in favour for a few years before the 2008 financial crisis, with support falling further due to the euro area crisis in 2011.[1]

International finance scholars generally consider currency pegs to be fragile; however, Denmark has been able to maintain the krone's peg to the euro consistently since its introduction in 1999.[2][3]

Current status

[edit]

Opt-outs

[edit]

The Danish government held a referendum in 1992 to approve ratification of the Maastricht Treaty, as required by the Danish constitution for any transfers of sovereignty which are not approved by 5/6 of parliament (Folketing).[4] The coalition government of Denmark in 1992 consisted of the Conservatives and Agrarian Liberals, which together with the Social Democrats in opposition held approximately 80% of the seats in parliament leading them to believe that the referendum would be easily approved.[5] However, the referendum resulted in 50.7% of the population voting against the ratification of the Maastricht Treaty, while only 49.3% voted in favour.

Ratification of the Maastricht Treaty required unanimous approval by all the member states in the European Union. The Danish "no", therefore, posed a significant issue for further integration.[6] Denmark was not the only country issuing a referendum for the ratification of the Maastricht Treaty. In France, the public supported the treaty by only a small margin, while the Irish also voted in favour of the Treaty. The Danish "no" and the French "petit oui" are known in scholarly circles as the erosion of the permissive consensus regarding public support for European integration.[7]

The solution to the lack of public support for further European integration in Denmark is known as "the National Compromise". 7 out of 8 parties in the Danish parliament came together in support a proposal to request 4 opt-outs: Union citizenship, Common Security and Defence, Justice and Home Affairs and participation in the last phase of the European Monetary Union. At the European Council summit on 11–12 December 1992 in Edinburgh, the European leaders agreed to these four opt-outs.[8] This led to the Maastricht Treaty being accepted in a second referendum on 18 May 1993.

Exchange Rate Mechanism II

[edit]

While Denmark chose not join the eurozone due to its opt-out, it participates in the Exchange Rate Mechanism II (ERM II), a fixed exchange rate regime in which the Danish currency and other participating countries' currency are pegged to the euro.[9]

The krone has been part of the ERM II mechanism since 1 January 1999, when it replaced the original ERM. This policy marks continuation of a similar peg from 1982 to 1999 with the Deutsche Mark. Following Bulgaria's adoption of the euro on 1 January 2026, Denmark is the only European Union member state participating in the ERM II.

Denmark is required to ensure that the kroner trades within 2.25% either side of a specified rate of 1 euro equal to 7.46038 kroner (making the lower rate 7.29252 and the upper rate 7.62824).[10] However, in practice the exchange rate has kept within 0.5% of the defined rate, even less than the set limits.[citation needed] If the Krone goes beyond the limits, the Danmarks Nationalbank is mandated to intervene and bring it back within the fluctuation band, with the European Central Bank obliged to intervene if the Danish central bank is unable to do so.[11] Two approaches are used to adjust the money supply and exchange rate. The first tool is intervention through the purchase and selling currencies to adjust the available money level. The second tool is an adjustment of the interest rates.[12]

The European Central Bank conducts monetary policy independently of the national governments in the eurozone, resulting in loss of independence in monitary policy in favour of price stability.[9] The ECB is committed to maintaining 2% inflation in the middle to long run.[13] The decrease in fluctuations of currency reduces uncertainty for traders.[14]

Denmark has had a fixed exchange rate since the end of the Second World War and has participated in several monetary cooperation systems. Therefore, participating in ERM II was not a change in this sense, and the lost autonomy in monetary policy and associated inability to respond to domestic economic shocks with monetary policy tools, had existed since the creation of the Bretton Woods system.[15]

Convergence status

[edit]
Convergence criteria
Assessment
date		 Country HICP inflation
rate[16][nb 1]		 Excessive deficit procedure[17] Exchange rate Long-term
interest rate[18][nb 2]		 Compatibility of
legislation
Budget deficit to GDP[19] Debt-to-GDP ratio[20] ERM II member[21] Change in rate[22][23][nb 3]
2012 ECB
Report[nb 4]		 Reference
values		 Max. 3.1%[nb 5]
(as of 31 Mar 2012)		 None open (as of 31 Mar 2012) Min. 2 years
(as of 31 Mar 2012)		 Max. ±15%[nb 6]
(for 2011)		 Max. 5.80%[nb 7]
(as of 31 Mar 2012)		 Compliant[24][25]
(as of 31 Mar 2012)
Max. 3.0% (FY 2011)[26] Max. 60% (FY 2011)[26]
Denmark Denmark 2.7%
 Open
 13 years, 3 months
 -0.4%
 2.39%
 Not assessed
1.8%
 46.5%
2013 ECB
Report[nb 8]		 Reference
values		 Max. 2.7%[nb 9]
(as of 30 Apr 2013)		 None open (as of 30 Apr 2013) Min. 2 years
(as of 30 Apr 2013)		 Max. ±15%[nb 6]
(for 2012)		 Max. 5.5%[nb 9]
(as of 30 Apr 2013)		 Compliant[27][28]
(as of 30 Apr 2013)
Max. 3.0% (FY 2012)[29] Max. 60% (FY 2012)[29]
Denmark Denmark 1.8%
 Open
 14 years, 4 months
 0.1%
 1.33%
 Not assessed
4.0%
 45.8%
2014 ECB
Report[nb 10]		 Reference
values		 Max. 1.7%[nb 11]
(as of 30 Apr 2014)		 None open (as of 30 Apr 2014) Min. 2 years
(as of 30 Apr 2014)		 Max. ±15%[nb 6]
(for 2013)		 Max. 6.2%[nb 12]
(as of 30 Apr 2014)		 Compliant[30][31]
(as of 30 Apr 2014)
Max. 3.0% (FY 2013)[32] Max. 60% (FY 2013)[32]
Denmark Denmark 0.4%
 Open
(Closed in June 2014)		 15 years, 4 months
 -0.2%
 1.78%
 Not assessed
0.8%
 44.5%
2016 ECB
Report[nb 13]		 Reference
values		 Max. 0.7%[nb 14]
(as of 30 Apr 2016)		 None open (as of 18 May 2016) Min. 2 years
(as of 18 May 2016)		 Max. ±15%[nb 6]
(for 2015)		 Max. 4.0%[nb 15]
(as of 30 Apr 2016)		 Compliant[33][34]
(as of 18 May 2016)
Max. 3.0% (FY 2015)[35] Max. 60% (FY 2015)[35]
Denmark Denmark 0.2%
 None
 17 years, 4 months
 -0.1%
 0.8%
 Not assessed
2.1%
 40.2%
2018 ECB
Report[nb 16]		 Reference
values		 Max. 1.9%[nb 17]
(as of 31 Mar 2018)		 None open (as of 3 May 2018) Min. 2 years
(as of 3 May 2018)		 Max. ±15%[nb 6]
(for 2017)		 Max. 3.2%[nb 18]
(as of 31 Mar 2018)		 Compliant[36][37]
(as of 20 March 2018)
Max. 3.0% (FY 2017)[38] Max. 60% (FY 2017)[38]
Denmark Denmark 1.0%
 None
 19 years, 4 months
 0.1%
 0.6%
 Not assessed
-1.0% (surplus)
 36.4%
2020 ECB
Report[nb 19]		 Reference
values		 Max. 1.8%[nb 20]
(as of 31 Mar 2020)		 None open (as of 7 May 2020) Min. 2 years
(as of 7 May 2020)		 Max. ±15%[nb 6]
(for 2019)		 Max. 2.9%[nb 21]
(as of 31 Mar 2020)		 Compliant[39][40]
(as of 24 March 2020)
Max. 3.0% (FY 2019)[41] Max. 60% (FY 2019)[41]
Denmark Denmark 0.6%
 None
 21 years, 4 months
 -0.2%
 -0.3%
 Not assessed
-3.7% (surplus)
 33.2%
2022 ECB
Report[nb 22]		 Reference
values		 Max. 4.9%[nb 23]
(as of April 2022)		 None open (as of 25 May 2022) Min. 2 years
(as of 25 May 2022)		 Max. ±15%[nb 6]
(for 2021)		 Max. 2.6%[nb 23]
(as of April 2022)		 Compliant[42][43]
(as of 25 March 2022)
Max. 3.0% (FY 2021)[42] Max. 60% (FY 2021)[42]
Denmark Denmark 3.6%
 None
 23 years, 4 months
 0.2%
 0.2%
 Not assessed
-2.3% (surplus)
 36.7%
2024 ECB
Report[nb 24]		 Reference
values		 Max. 3.3%[nb 25]
(as of May 2024)		 None open (as of 19 June 2024) Min. 2 years
(as of 19 June 2024)		 Max. ±15%[nb 6]
(for 2023)		 Max. 4.8%[nb 25]
(as of May 2024)		 Compliant[44][45]
(as of 27 March 2024)
Max. 3.0% (FY 2023)[44] Max. 60% (FY 2023)[44]
Denmark Denmark 1.1%
 None
 25 years, 5 months
 −0.2%
 2.6%
 Not assessed
−3.1% (surplus)
 29.3%
2025 ECB
Report[nb 26]		 Reference
values		 Max. 2.8%[nb 27]
(as of April 2025)		 None open (as of 19 May 2025) Min. 2 years
(as of 19 May 2025)		 Max. ±15%[nb 6]
(for 2024)		 Max. 5.1%[nb 27]
(as of April 2025)		 Compliant[46][47]
(as of 15 April 2025)
Max. 3.0% (FY 2024)[46] Max. 60% (FY 2024)[46]
Denmark Denmark 1.6%
 None
 26 years, 4 months
 −0.1%
 2.3%
 Not assessed
−4.5% (surplus)
 31.1%
2026 ECB
Report[nb 28]		 Reference
values		 Max. 2.7%[nb 29]
(as of May 2026)		 None open (as of 17 June 2026) Min. 2 years
(as of 17 June 2026)		 Max. ±15%[nb 6]
(for 2025)		 Max. 5.1%[nb 29]
(as of May 2026)		 Compliant[48][49]
(as of 25 March 2026)
Max. 3.0% (FY 2025)[48] Max. 60% (FY 2025)[48]
Denmark Denmark 1.6%
 None
 27 years, 5 months
 −0.6%
 2.6%
 Not assessed
−2.9% (surplus)
 27.9%
  Criterion fulfilled
  Criterion potentially fulfilled: If the budget deficit exceeds the 3% limit, but is "close" to this value (the European Commission has deemed 3.5% to be close by in the past),[50] then the criteria can still potentially be fulfilled if either the deficits in the previous two years are significantly declining towards the 3% limit, or if the excessive deficit is the result of exceptional circumstances which are temporary in nature (i.e. one-off expenditures triggered by a significant economic downturn, or by the implementation of economic reforms that are expected to deliver a significant positive impact on the government's future fiscal budgets). However, even if such "special circumstances" are found to exist, additional criteria must also be met to comply with the fiscal budget criterion.[51][52] Additionally, if the debt-to-GDP ratio exceeds 60% but is "sufficiently diminishing and approaching the reference value at a satisfactory pace" it can be deemed to be in compliance.[52]
  Criterion not fulfilled
Notes
  1. ↑ The rate of change of the 12-month average HICP over the prior 12-month average must be no more than 1.5% larger than the unweighted arithmetic average of the similar HICP inflation rates in the 3 EU member states with the lowest HICP inflation. If any of these 3 states have a HICP rate significantly below the similarly averaged HICP rate for the eurozone (which according to ECB practice means more than 2% below), and if this low HICP rate has been primarily caused by exceptional circumstances (i.e. severe wage cuts or a strong recession), then such a state is not included in the calculation of the reference value and is replaced by the EU state with the fourth lowest HICP rate.
  2. ↑ The arithmetic average of the annual yield of 10-year government bonds as of the end of the past 12 months must be no more than 2.0% larger than the unweighted arithmetic average of the bond yields in the 3 EU member states with the lowest HICP inflation. If any of these states have bond yields which are significantly larger than the similarly averaged yield for the eurozone (which according to previous ECB reports means more than 2% above) and at the same time does not have complete funding access to financial markets (which is the case for as long as a government receives bailout funds), then such a state is not to be included in the calculation of the reference value.
  3. ↑ The change in the annual average exchange rate against the euro.
  4. ↑ Reference values from the ECB convergence report of May 2012.[24]
  5. ↑ Sweden, Ireland and Slovenia were the reference states.[24]
  6. 1 2 3 4 5 6 7 8 9 10 The maximum allowed change in rate is ± 2.25% for Denmark.
  7. ↑ Sweden and Slovenia were the reference states, with Ireland excluded as an outlier.[24]
  8. ↑ Reference values from the ECB convergence report of June 2013.[27]
  9. 1 2 Sweden, Latvia and Ireland were the reference states.[27]
  10. ↑ Reference values from the ECB convergence report of June 2014.[30]
  11. ↑ Latvia, Portugal and Ireland were the reference states, with Greece, Bulgaria and Cyprus excluded as outliers.[30]
  12. ↑ Latvia, Ireland and Portugal were the reference states.[30]
  13. ↑ Reference values from the ECB convergence report of June 2016.[33]
  14. ↑ Bulgaria, Slovenia and Spain were the reference states, with Cyprus and Romania excluded as outliers.[33]
  15. ↑ Slovenia, Spain and Bulgaria were the reference states.[33]
  16. ↑ Reference values from the ECB convergence report of May 2018.[36]
  17. ↑ Cyprus, Ireland and Finland were the reference states.[36]
  18. ↑ Cyprus, Ireland and Finland were the reference states.[36]
  19. ↑ Reference values from the ECB convergence report of June 2020.[39]
  20. ↑ Portugal, Cyprus, and Italy were the reference states.[39]
  21. ↑ Portugal, Cyprus, and Italy were the reference states.[39]
  22. ↑ Reference values from the Convergence Report of June 2022.[42]
  23. 1 2 France, Finland, and Greece were the reference states.[42]
  24. ↑ Reference values from the Convergence Report of June 2024.[44]
  25. 1 2 Belgium, Denmark, and the Netherlands were the reference states.[44]
  26. ↑ Reference values from the Convergence Report of June 2025.[46]
  27. 1 2 Finland, Ireland, and Italy were the reference states.[46]
  28. ↑ Reference values from the Convergence Report of June 2026.[48]
  29. 1 2 Cyprus, Denmark, and France were the reference states.[48]

History

[edit]

Early monetary unions in Denmark (1873–1914)

[edit]

On 5 May 1873 Denmark with Sweden fixed their currencies against gold and formed the Scandinavian Monetary Union, with Norway joining in 1875. Prior to this date, Denmark used the Danish rigsdaler divided into 96 rigsbank skilling. The union had the currency pegged to gold at the rate of 2.48 kroner per gram of gold, or 0.4032 grams per krone. An equal valued krone of the monetary union replaced the three legacy currencies at the rate of 1 krone = ½ Danish rigsdaler = ¼ Norwegian speciedaler = 1 Swedish riksdaler. The new currency became a legal tender and was accepted in all three countries. This monetary union lasted until 1914 when World War I brought an end to it.

European Monetary System and pre-euro monetary co-operation

[edit]

The collapse of the Bretton Woods system destabilised European markets, and monetary integration among the member states of the European Economic Community (now European Union).[53] Under the Bretton Woods system, the dollar was pegged to the gold standard.[54] Following the collapse of the Bretton Woods system, the European Currency Snake system came into force on 24 April 1972 with Denmark joining on 1 May 1972. Shortly after, the Danish Crown came under speculative attacks, and was forced to abandon the system, but the joined again a few months later.[53][55]

The European Monetary System was established in 1979 to maintain stability in EEC countries with Denmark being one of the 8 participating countries.[56] The EMS created an Exchange Rate Mechanism with fixed bands for currencies of participating countries. The Danish economy experienced recession in 1980, forcing the government to introduce several economic reforms.[57] The most significant reform was the decision to opt for a fixed exchange rate policy in 1982 and stopping currency devaluation by pegging it against the German D-mark.[58]

As the Danish people did not vote in favour of the 1992 Treaty, it did not adopt the euro, However, in 1998 Denmark agreed to participate in Exchange Rate Mechanism II with a narrow fluctuation band of ± 2.25% (instead of the ± 15%, which is the standard fluctuation band in the mechanism).[11] The agreement was negotiated and finalised in the ECOFIN Council 25–27 September 1998.[13] The difference between ERM and ERM II is that the currencies participating in ERM II are no longer linked to bilateral parities with other participating currencies as they were in the original ERM system, but rather they are pegged to the euro instead.[15]

Euro referendum (2000)

[edit]

A referendum was held on 28 September 2000, proposing that Denmark join the eurozone on 1 January 2002. While most political parties, media organisations and economic actors in Denmark campaigned in favour of adopting the euro, the referendum was rejected. Turnout was 87.6%, with 46.8% voting in favour of adopting the euro and 53.2% voting against.[59] Some analysts believe that the significant weakening of the euro against the US dollar preceding the referendum directly contributed to its rejection.

Possible second euro referendum

[edit]
Double krone and euro prices in Magasin (2009)

On 22 November 2007, the newly re-elected Danish government declared its intention to hold a new referendum on the abolition of the four opt-outs, including the opt-out from the euro, by 2011.[60] It was unclear if people would vote on each exemption separately, or if people would vote on all of them together.[61] However, the uncertainty, both in terms of the stability of the euro and the establishment of new political structures at the EU level, resulting first from the 2008 financial crisis and then subsequently from the related euro area crisis, led the government to postpone the referendum to after the end of its legislative term. When a new government came to power in September 2011, it decided to not hold a referendum.[62]

As part of the European elections in 2014, it was argued collectively by the group of pro-European Danish parties (Venstre, Konservative, Social Democrats and Radikale Venstre), that a euro referendum would not be held until the "development dust had settled" from the establishment of multiple initiatives in response to the euro area crisis.[citation needed] When a new Venstre-led government came to power in June 2015, its manifesto did not include any plan for holding a referendum on euro adoption.[63] During the referendum to abolish the defence opt-out in 2022, the prime minister of Denmark, Mette Frederiksen, promised not to hold an additional euro referendum during her tenure as prime minister.[64] No plans for holding a euro referendum were included in the government manifest of 2022.[65]

There has been some speculation that the result of a Danish referendum would affect the Swedish debate on the euro.[66]

Usage today

[edit]

The euro can be used at some locations in Denmark, usually in places catering to tourists, such as museums, airports and shops with large numbers of international visitors. However, change is usually given in kroner. Double krone-euro prices are used on all ferries going between Denmark and Germany.

On 10 January 2020, the 500 euro note was phased out in Denmark as part of the fight against money laundering and terrorism financing.[67][68] At the time, the banknote was worth 3,737 Danish kroner (DKK), more than three times the highest denomination of the domestic currency, the thousand-kroner banknote.[69] The European Central Bank had stopped issuing the banknote in 2019, but was critical of the law. In an opinion published in February 2019, it was argued that it conflicted with the principle of "sincere cooperation" set out in Article IV of the Treaty on European Union, and noted that no ban was planned for other high-value units of currency, such as the highest Swiss franc banknote,[70][71] worth more than 6,500 DKK at the time.[72]

Impact of potential euro adoption

[edit]

If Denmark were to adopt the euro, the monetary policy would be transferred from the Danmarks Nationalbank to the ESCB, limiting its ability to have an independent monetary policy. However, a study of the history of the Danish monetary policy shows that, "while Denmark does not share a single currency, its central bank has always tracked changes made by the ESCB".[73]

While outside the euro, Denmark does not have any representation in the ESCB direction. Non-participation in the eurozone has been criticised by the former Prime Minister Anders Fogh Rasmussen, who stated that: "De facto, Denmark participates in the euro zone but without having a seat at the table where decisions are made, and that's a political problem".[74] The ESCB has no obligation to defend the Danish krone exchange rate, which is the responsibility of the Danmarks Nationalbank and Danish government. In a crisis, a small country's national bank can defend the exchange rate only to a limited extent.

The expected practical advantages of euro include lower transaction costs, transparency of foreign markets for Danish consumers, and possibly a lowering of interest rates.[73]

During the euro area crisis, European leaders established the European Financial Stability Facility, a special purpose vehicle to maintain financial stability in the eurozone by providing financial assistance to member states in difficulty.[75] It has two parts, the first establishing a €60 billion stabilisation fund (European Financial Stabilisation Mechanism)[76] with contributions from European countries on a pro-rata basis, regardless of their membership in the eurozone.[77] The second part consisted €440 billion worth government-backed loans to improve market confidence. All eurozone economies will participate in funding this mechanism, while other EU members can choose whether to participate. Unlike Sweden and Poland, Denmark has refused to help fund this portion of the EFSF.[78][79]

Public opinion

[edit]
Euro opinion in Denmark since August 2006 by Børsen.
green – support of adopting the euro
red – against adopting the euro
blue – undecided[needs update]
DKK-EUR exchange rate since 1999

There have been numerous opinion polls on whether Denmark should abolish the krone and join the eurozone, with varied wordings of the questions. Polls generally favoured euro adoption from 2002 to 2010; however, they showed a rapid decline in support during the euro area crisis,[80] reaching a low in May 2012 with 26% in favour versus 67% against, and 7% being doubtful.[81] In March 2018, 29% of respondents from Denmark in a Eurobarometer opinion poll stated that they were in favour of the EMU and the euro, while 65% were against.[82] The same poll conducted in May 2024 signaled a gradual rise in support for the euro from the previous level recorded in 2012 and 2018; with 34% now in favour, 58% against, and 8% undecided.[83]

Polls from 2002 to 2016:

Greens Analyseinstitut, a public opinion research company, has generally asked "How would you vote at a possible new referendum about participation of Denmark in the common currency?" ("Hvad ville du stemme ved en evt. ny folkeafstemning om Danmarks deltagelse i den fælles valuta?").

Public support for the euro in Denmark according to Eurobarometer polls[142]

PercentageSurvey date253035404550554/1/20019/1/20065/1/201211/1/2017In favour (in Denmark)Support for: 'A European economic and moneta...

Danish autonomous territories

[edit]

The Faroe Islands currently use the Faroese króna, a localised version of the Danish krone, but legally the same currency. It is normally not accepted by shops in the mainland Denmark, or foreign exchange bureaus, however they can be exchanged 1:1 in Danish banks. Greenland uses ordinary Danish kroner, but has considered introducing its own currency, the Greenlandic krone, similar Faroese króna.[143] Both territories continue to use Danish coins.

It remains unclear if Greenland and the Faroe Islands would adopt the euro should Denmark choose to do so. Both are parts of the Kingdom of Denmark, but remain outside the EU. They usually do not take part in EU related referendums.

Possible euro coin design

[edit]

Before Denmark's 2000 referendum on the issue, Danmarks Nationalbank and the Royal Mint were asked by the Ministry of Economics to propose possible designs for the future Danish euro coins. The suggested design was based on the designs of the Danish 10- and 20-krone coins, with Queen Margrethe II on the front, and the 25- and 50-øre coins, switching their back motif (a crown) to the front of the euro coins.[144] However, Denmark did not adopt the euro during the reign of Margrethe II, so an updated design, revolving around her son King Frederik X, would be possible, should Denmark adopt the euro during his reign.

See also

[edit]

References

[edit]
  1. ↑ "Danskerne siger nej tak til euroen". Business.dk (in Danish). 27 September 2011. Retrieved 29 September 2011.
  2. ↑ Eichengreen, Barry (2023). "The Danish problem". Economia Politica. 40 (3): 781–794. doi:10.1007/s40888-023-00313-y. ISSN 1973-820X.
  3. ↑ Molnár Vojtěch (13 March 2024). "cnBlog – Denmark's monetary policy: Permanently halfway to the euro?". Czech National Bank. Archived from the original on 15 March 2024. Retrieved 15 March 2024.
  4. ↑ "Danmarks Riges Grundlov". grundloven.dk. Retrieved 24 March 2020.
  5. ↑ Siune, Karen (March 1993). "The Danes said NO to the Maastricht Treaty. The Danish EC Referendum of June 1992". Scandinavian Political Studies. 16 (1): 93–103. doi:10.1111/j.1467-9477.1993.tb00031.x. ISSN 0080-6757.
  6. ↑ Barker, Alex (23 January 2013). "Opinion, Brussels blog - How do you revise the EU treaties?". Financial Times. Retrieved 24 March 2020.
  7. ↑ Harmsen, Robert; Spiering, Menno (2004). Euroscepticism: Party politics, national identity and European integration. Amsterdam: Rodopi. ISBN 1-4237-9199-1. OCLC 70910464.
  8. ↑ Svensson, Palle (March 1994). "The Danish Yes to Maastricht and Edinburgh. The EC Referendum of May 1993". Scandinavian Political Studies. 17 (1): 69–82. doi:10.1111/j.1467-9477.1994.tb00050.x. ISSN 0080-6757.
  9. 1 2 "ERM II – the EU's Exchange Rate Mechanism". European Commission – European Commission. Retrieved 24 March 2020.
  10. ↑ "Euro central rates and compulsory intervention rates in ERM II". European Central Bank. 28 June 2004. Retrieved 24 March 2020.
  11. 1 2 Hougaard, Jensen; Svend, Erik (2000). Fastkurspolitik, ØMU og valutaspekulation. Economic Policy Research Unit, Institute of Economics, University of Copenhagen. OCLC 784980209.
  12. ↑ "Denmark's fixed exchange rate policy". nationalbanken.dk. Retrieved 24 March 2020.
  13. 1 2 Pengepolitik i Danmark (3. udgave ed.). København: Danmarks Nationalbank. 2009. ISBN 978-87-87251-70-9. OCLC 837748184.
  14. ↑ PÉTURSSON, THÓRARINN G (2000). "Exchange rate or inflation targeting in monetary policy?" (PDF). Monetary Bulletin 2000/1.
  15. 1 2 MARCUSSEN, MARTIN (March 2005). "Denmark and european monetary integration: Out but far from over". Journal of European Integration. 27 (1): 43–63. doi:10.1080/07036330400029918. ISSN 0703-6337. S2CID 154927996.
  16. ↑ "Harmonised index of consumer prices (HICP) - ECOICOP ver.2 - indices and rates of change, monthly data". Eurostat. 16 August 2012. Retrieved 14 March 2024.
    "HICP - monthly data (12-month average rate of change) (1997-2025)". Eurostat. 16 August 2012. Retrieved 14 March 2024.
  17. ↑ "Excessive deficit procedures - overview". European Commission. Retrieved 14 March 2024.
  18. ↑ "EMU convergence criterion series - monthly data". Eurostat. Retrieved 18 December 2012.
  19. ↑ "Government deficit/surplus, debt and associated data". Eurostat. 22 April 2013. Retrieved 22 April 2013.
  20. ↑ "General government debt". Eurostat. Retrieved 2 June 2018.
  21. ↑ "ERM II – the EU's Exchange Rate Mechanism". European Commission. Retrieved 14 March 2024.
  22. ↑ "Euro/ECU exchange rates - annual data". Eurostat. Retrieved 14 March 2024.
  23. ↑ "Former euro area national currencies vs. euro/ECU - annual data". Eurostat. Retrieved 14 March 2024.
  24. 1 2 3 4 "Convergence Report May 2012" (PDF). European Central Bank. May 2012. Retrieved 20 January 2013.
  25. ↑ "Convergence Report - 2012" (PDF). European Commission. March 2012. Retrieved 26 September 2014.
  26. 1 2 "European economic forecast - spring 2012" (PDF). European Commission. 1 May 2012. Retrieved 1 September 2012.
  27. 1 2 3 "Convergence Report" (PDF). European Central Bank. June 2013. Retrieved 17 June 2013.
  28. ↑ "Convergence Report - 2013" (PDF). European Commission. March 2013. Retrieved 26 September 2014.
  29. 1 2 "European economic forecast - spring 2013" (PDF). European Commission. February 2013. Retrieved 4 July 2014.
  30. 1 2 3 4 "Convergence Report" (PDF). European Central Bank. June 2014. Retrieved 5 July 2014.
  31. ↑ "Convergence Report - 2014" (PDF). European Commission. April 2014. Retrieved 26 September 2014.
  32. 1 2 "European economic forecast - spring 2014" (PDF). European Commission. March 2014. Retrieved 5 July 2014.
  33. 1 2 3 4 "Convergence Report" (PDF). European Central Bank. June 2016. Retrieved 7 June 2016.
  34. ↑ "Convergence Report - June 2016" (PDF). European Commission. June 2016. Retrieved 7 June 2016.
  35. 1 2 "European economic forecast - spring 2016" (PDF). European Commission. May 2016. Retrieved 7 June 2016.
  36. 1 2 3 4 "Convergence Report 2018". European Central Bank. 22 May 2018. Retrieved 2 June 2018.
  37. ↑ "Convergence Report - May 2018". European Commission. May 2018. Retrieved 2 June 2018.
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  39. 1 2 3 4 "Convergence Report 2020" (PDF). European Central Bank. 1 June 2020. Retrieved 13 June 2020.
  40. ↑ "Convergence Report - June 2020". European Commission. June 2020. Retrieved 13 June 2020.
  41. 1 2 "European economic forecast - spring 2020". European Commission. 6 May 2020. Retrieved 13 June 2020.
  42. 1 2 3 4 5 "Convergence Report June 2022" (PDF). European Central Bank. 1 June 2022. Retrieved 1 June 2022.
  43. ↑ "Convergence Report 2022" (PDF). European Commission. 1 June 2022. Retrieved 1 June 2022.
  44. 1 2 3 4 5 "Convergence Report June 2024" (PDF). European Central Bank. 26 June 2024. Retrieved 26 June 2024.
  45. ↑ "Convergence Report 2024" (PDF). European Commission. 26 June 2024. Retrieved 26 June 2024.
  46. 1 2 3 4 5 "Convergence Report June 2025" (PDF). European Central Bank. 4 June 2025. Retrieved 4 June 2025.
  47. ↑ "Convergence Report 2025" (PDF). European Commission. 4 June 2025. Retrieved 4 June 2025.
  48. 1 2 3 4 5 "Convergence Report June 2026" (PDF). European Central Bank. Retrieved 28 June 2026.
  49. ↑ "Convergence Report 2026" (PDF). European Commission. Retrieved 28 June 2026.
  50. ↑ "Luxembourg Report prepared in accordance with Article 126(3) of the Treaty" (PDF). European Commission. 12 May 2010. Retrieved 18 November 2012.
  51. ↑ "EMI Annual Report 1994" (PDF). European Monetary Institute (EMI). April 1995. Retrieved 22 November 2012.
  52. 1 2 "Progress towards convergence - November 1995 (report prepared in accordance with article 7 of the EMI statute)" (PDF). European Monetary Institute (EMI). November 1995. Retrieved 22 November 2012.
  53. 1 2 "The European currency snake – Historical events in the European integration process (1945–2014) – CVCE Website". cvce.eu. Retrieved 24 March 2020.
  54. ↑ Oxenford, Matthew (September 2016). "The Evolution of US and European Monetary Policy after Bretton Woods: A historical Overview and Lession for the Future" (PDF). Chatham House.
  55. ↑ Kaelberer, Matthias (2001). Money and power in Europe : the political economy of European monetary cooperation. Albany: State University of New York Press. ISBN 0-7914-4996-3. OCLC 44769076.
  56. ↑ "History of economic and monetary union | Fact Sheets on the European Union | European Parliament". European Parliament. Retrieved 24 March 2020.
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  58. ↑ Abildgren, Kim. (2010). Monetary history of Denmark, 1990–2005. Danmarks Nationalbank. ISBN 978-87-87251-84-6. OCLC 701865891.
  59. ↑ "Folkeafstemning om euroen den 28. september 2000" (in Danish). Folketinget. 8 August 2006. Retrieved 23 December 2008.
  60. ↑ Stratton, Allegra (22 November 2007). "Danes to hold referendum on relationship with EU". The Guardian. London. Retrieved 22 November 2007.
  61. ↑ Dagens Huvudledare (24 November 2007). "Danmark går före". Dagens Nyheter (in Swedish). Archived from the original on 17 December 2008. Retrieved 23 December 2008.
  62. ↑ Brand, Constant (13 October 2011). "Denmark scraps border-control plans". European Voice. Retrieved 18 October 2011.
  63. ↑ "Regeringsgrundlag juni 2015: Sammen for Fremtiden (Government manifest June 2015: Together for the Future)" (PDF) (in Danish). Venstre. 27 June 2015. Archived from the original (PDF) on 1 July 2015.
  64. ↑ "Denmark's Zeitenwende". European Council on Foreign Relations. 7 June 2022. Retrieved 25 February 2024.
  65. ↑ "Regeringsgrundlag December 2022: Ansvar for Danmark (Government manifest December 2022: Responsibility for Denmark)" (PDF) (in Danish). Danish Ministry of Finance. 14 December 2022.
  66. ↑ Henrik Brors (22 November 2007). "Utspelet kan höja temperaturen i den iskalla svenska EU-debatten". Dagens Nyheter (in Swedish). Archived from the original on 17 December 2008. Retrieved 23 December 2008.
  67. ↑ Brink, Carsten. "500-eurosedlen udfases". finansdanmark.dk (in Danish). Finance Denmark. Retrieved 15 May 2020.
  68. ↑ "Bekendtgørelse af lov om forebyggende foranstaltninger mod hvidvask og finansiering af terrorisme (hvidvaskloven)". retsinformation.dk (in Danish). Retrieved 15 May 2020.
  69. ↑ "500 EUR in DKK on 10 January 2020". wolframalpha.com. WolframAlpha. Retrieved 15 May 2020.
  70. ↑ Schwartzkopff, Frances (4 April 2019). "Denmark Ignores ECB to Ban 500-Euro Note in Dirty Money Battle". bloombergquint.com. BloombergQuint. Retrieved 15 May 2020.
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  72. ↑ "1,000 CHF in DKK in February 2019". wolframalpha.com. WolframAlpha. Retrieved 15 May 2020.
  73. 1 2 "How long is the Danish road to the euro?" (PDF). n.d. Archived from the original (PDF) on 9 October 2011. Retrieved 3 November 2018.
  74. ↑ "Rasmussen Says He Isn't Candidate for EU Presidency (Update1)". Bloomberg. 31 March 2008.
  75. ↑ "Chief bail-out officer". The Economist. ISSN 0013-0613. Retrieved 22 June 2026.
  76. ↑ "Spain seeks to reassure EU leaders | European Voice". www.europeanvoice.com. Archived from the original on 7 January 2014. Retrieved 22 June 2026.
  77. ↑ Moya, Elena (10 May 2010). "Debt crisis Q&A: How the EU bailout will work". The Guardian. London. Retrieved 12 May 2010.
  78. ↑ "France attacks UK over attitude to bail-out fund". EUobserver. 11 May 2010. Retrieved 12 May 2010.
  79. ↑ "EU's lånepakke kan koste Danmark ni milliarder kroner". Politiken (in Danish). 10 May 2010. Archived from the original on 13 May 2010. Retrieved 12 May 2010.
  80. ↑ "Debt Crisis Pushes Danish Euro Opposition to Record, Poll Shows". Bloomberg. 27 September 2011. Retrieved 22 January 2013.
  81. ↑ "Greens Analyseinstitut" (PDF). Børsen (Greens Analyseinstitut). 7 May 2012. Archived from the original (PDF) on 20 January 2013.
  82. ↑ "Standard Eurobarometer 89 - Spring 2018 - Factsheets Denmark". Eurobarometer. June 2018. Retrieved 18 December 2018.
  83. ↑ "Standard Eurobarometer 101 - Spring 2024 - Data annex". Data annex: QB3.1 What is your opinion on each of the following statements? Please tell for each statement, whether you are for it or against it. A European economic and monetary union with one single currency, the euro?. Eurobarometer. May 2024. Retrieved 22 June 2024.
  84. ↑ "EUROBAROMETER 57 - NATIONAL STANDARD REPORT Danskerne og EU" (PDF). Eurobarometer (in Danish). 11 October 2002. p. 27. Retrieved 3 November 2018.
  85. ↑ "EUROBAROMETER 57 Spring 2002". 21 October 2002.
  86. 1 2 "Greens Analyseinstitut" (PDF) (in Danish). 3 December 2007. Archived from the original (PDF) on 3 December 2007.
  87. 1 2 "Many Danes Willing to Switch to Euro | Angus Reid Global". Archived from the original on 10 January 2008.
  88. 1 2 "Danes Still Willing to Adopt Euro | Angus Reid Global". Archived from the original on 8 August 2008.
  89. ↑ "Majority of Danes in favour of adopting euro, poll suggests — EUbusiness.com - business, legal and economic news and information from the European Union". Archived from the original on 7 September 2008. Retrieved 27 August 2008.
  90. ↑ "Danskerne vil kun af med et EU-forbehold". DR (in Danish). 20 June 2008.
  91. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). October 2008. Archived from the original (PDF) on 19 March 2009.
  92. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). November 2008. Archived from the original (PDF) on 19 March 2009.
  93. 1 2 "Greens Analyseinstitut" (PDF). Børsen (in Danish). January 2009. Archived from the original (PDF) on 19 March 2009.
  94. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). February 2009. Archived from the original (PDF) on 19 March 2009.
  95. ↑ "Support for euro in free fall". Politiken. 11 February 2009.
  96. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). March 2009.
  97. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). April 2009.
  98. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). April 2009.
  99. ↑ "Opbakningen til EU i bakgear". Jyllands-Posten (in Danish). 13 May 2009.
  100. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). May 2009.
  101. ↑ "EU-forbehold" (PDF) (in Danish). September 2009. Retrieved 3 November 2018.
  102. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). October 2009.
  103. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). November 2009.
  104. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). December 2009.
  105. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). January 2010.
  106. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). February 2010.
  107. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). March 2010.
  108. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). April 2010.
  109. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). May 2010.
  110. ↑ "Danskere tvivler på euro efter græsk krise". Fyens Stiftstidende (in Danish). Archived from the original on 19 July 2011. Retrieved 13 May 2010.
  111. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). June 2010.
  112. ↑ "Voksende modstand mod at indføre euroen". JydskeVestkysten (in Danish). 27 September 2010.
  113. 1 2 3 4 5 6 7 8 9 "Børsen". Dagbladet Børsen (in Danish). Retrieved 3 November 2018.
  114. ↑ "Rungande danskt nej till euron". Svenska Dagbladet (in Swedish). 27 September 2011.
  115. ↑ Dyrskjøt, Mette (11 October 2011). "Tilslutningen til euroen styrtdykker". Dagbladet Børsen (in Danish).
  116. ↑ "Greens Analyseinstitut" (PDF) (in Danish). Archived from the original (PDF) on 20 January 2013. Retrieved 3 August 2015.
  117. ↑ "Greens Analyseinstitut" (PDF) (in Danish). Archived from the original (PDF) on 8 May 2013. Retrieved 3 August 2015.
  118. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). January 2014.
  119. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). May 2014.
  120. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). July 2014.
  121. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). August 2014.
  122. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). October 2014.
  123. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). November 2014.
  124. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). January 2015.
  125. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). February 2015.
  126. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). March 2015.
  127. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). May 2015.
  128. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). August 2015.
  129. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). September 2015.
  130. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). December 2015.
  131. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). January 2016.
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  134. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). April 2016.
  135. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). June 2016.
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  140. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). December 2016.
  141. ↑ "Greens Analyseinstitut" (PDF). Børsen (in Danish). December 2016.
  142. ↑ "Eurobarometer". European Commission.
  143. ↑ "Parliament of Denmark, 2006–2007 session, law no. 42". Archived from the original on 16 May 2009. Retrieved 15 October 2008.
  144. ↑ "Illustration af danske euromønter / EU-Oplysningen". 21 December 2014. Archived from the original on 21 December 2014.
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