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The EU Treaty gives Denmark the right to remain outside the Euro Area, even when all convergence criteria are met.
The euro is one of the most important currencies for the Danes, some of whose preferred holiday destinations are in one of the Euro Area member states. Also Denmark's trade with the Euro Area is substantial as the Euro Area member states account for almost half of Denmark's exports. Foreign tourists visiting Denmark have also led many Danish shops to accept payment in euro.
The central element of Danmarks Nationalbank's monetary policy is Denmark's fixed-exchange-rate policy vis-à-vis the euro within the framework of ERM II.
Danish participation in the euro was rejected by referendum on 28 September 2000.
Even though Denmark has not introduced the euro, Danmarks Nationalbank participates in the European System of Central Banks, ESCB, which comprises the European Central Bank, ECB, and the central banks of the 27 EU member states. |
