Denmark outside the EMU

The euro has not been introduced as legal currency in Denmark. In 1992 the Maastricht Treaty was rejected by a majority of the Danish voters, leading to the four Danish derogations, of which the derogation against the euro is one of them.

At a referendum in 2000 a majority of the Danish voters voted “no” to the pro-posed abrogation of the derogation against the euro.

Denmark follows a fixed exchange rate regime vis-à-vis the euro. This fixed ex-change rate is conducted within the frames of the ERM II, which is an exchange rate system with the euro as anchor currency.

The Government believes that it is in the interest of Denmark and the Danish citizens to become a full member of the European Union. This includes participa-tion in the euro. As a result of the derogation against the euro, Danish exclusion from important aspects of the economic policy cooperation in EU will increase further as Lisbon Treaty is implemented.

The Danish Government believes the derogations are outdated (they were created in 1993) and that they should be abrogated. Therefore, the Government would like to give the Danish voters the opportunity to take a stance on the derogations at a referendum within the present election term.

Read more about the Danish monetary and exchange rate policy here.