Denmark and the euro
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The krone is part of the ERM II mechanism, requiring that it trade within a 2.25% band of a central exchange rate — a narrower band than most ERM II members. Following Denmark's initial rejection of the Maastricht treaty in a referendum, Denmark negotiated an opt-out from eurozone membership under the Edinburgh Agreement, and is not obligated to adopt the euro.
A referendum on joining the eurozone was held on 28 September 2000, resulting in a 53.2% vote against joining. In recent years, monthly polls[1] usually show that the majority now wants to join the eurozone. In 2007, the Danish parliament considered an assessment of Denmark's four exceptions from the Maastricht Treaty. On 22 November 2007, the newly re-elected Danish government declared its intention to hold a new referendum about abolishing the four exceptions, including the euro, by 2011.[2] It remains unclear if people will vote on each exception separately, or if people will vote on all of them together,[3] but a poll in November 2007 showed 52% support for the euro, and 39% against it. This support was higher than that for any of the other opt-outs.[4]
It remains unclear if Greenland and the Faroe Islands will adopt the euro should Denmark choose to do so. Both are parts of the Kingdom of Denmark, but remain outside of the EU. The Faroe Islands currently uses Danish banknotes printed with Faroese motifs — the Faroese króna — and Greenland plans to introduce a similar system. Under the current system, both will continue to use Danish coins.
At present no official designs exist regarding any future Danish euro coins. Before Denmark's 2000 referendum on the issue, the Danmarks Nationalbank was requested by the Ministry of Economics to create a suggestion for the design of future Danish euro coins.[5] This design was based on the designs of the Danish 10 and 20 kroner and 25 and 50 øre coins. Since the referendum rejected the introduction of the euro in Denmark, this design was never implemented and it is not clear if Denmark will use it or not should the euro be adopted.
It is expected that Denmark will vote for the euro in 2008 according to Anders Fogh Rasmussen's statement.[6]
[edit] References
- ^ Dagbladet Børsen Meningsmålinger apr. 07 (Danish)
- ^ Danes to hold referendum on relationship with EU (English). Guardian Unlimited (2007-11-22). Retrieved on 2007-11-22.
- ^ Dagens Nyheter, Danmark går före, AB Dagens Nyheter, 2007-11-24.
- ^ Many Danes Willing to Switch to Euro.
- ^ Folketingets EU-oplysning - Illustration af danske euromønter (Danish)
- ^ Danish: [1]
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