View source for Denmark and the euro

{{Short description|Overview of the relationship between Denmark and the euro}}
{{EngvarB|date = April 2022}}
{{Use dmy dates|date=March 2020}}
{{Euro accession map}}

[[Denmark]] uses the [[Danish krone|krone]] as its currency and does not use the [[euro]], having negotiated the right to [[Opt-outs in the European Union|opt out]] from participation under the [[Maastricht Treaty]] of 1992. In 2000, the government [[2000 Danish euro referendum|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 [[European Exchange Rate Mechanism|ERM II]] mechanism, so its exchange rate is tied to within 2.25% of the euro.

Many political parties in Denmark favour the introduction of the euro and the idea of a second referendum has even been suggested several times since 2000. However, some important parties such as the [[Danish People's Party]], [[Socialist People's Party (Denmark)|Socialist People's Party]] and [[Red–Green Alliance (Denmark)|Red–Green Alliance]] do not support joining the currency. Public opinion surveys have shown fluctuating support for the single currency with majorities in favour for some years after the physical introduction of the currency. However, following the [[Late-2000s recession|financial crisis of 2008]], support began to fall, and in late 2011, support for the euro crashed in light of the escalating [[European sovereign debt crisis]].<ref>{{cite news|title=Danskerne siger nej tak til euroen|url=http://www.business.dk/oekonomi/danskerne-siger-nej-tak-til-euroen|access-date=29 September 2011|newspaper=Business.dk|date=27 September 2011|language=da}}</ref>

[[Denmark]] borders one [[eurozone]] member, Germany, and one EU member that is [[Sweden and the euro|obliged to adopt the euro]] in the future but currently has no plans to do so, Sweden.

[[International finance]] scholars generally consider [[currency peg]]s to be fragile, yet Denmark has been able to maintain the krone peg to the euro consistently since the euro's introduction in 1999.<ref>{{Cite journal |last=Eichengreen |first=Barry |date=2023 |title=The Danish problem |journal=Economia Politica |language=en |volume=40 |issue=3 |pages=781–794 |doi=10.1007/s40888-023-00313-y |issn=1973-820X|doi-access=free }}</ref><ref>{{Cite web|url=https://www.cnb.cz/en/about_cnb/cnblog/cnBlog-Denmarks-monetary-policy-Permanently-halfway-to-the-euro/|title=cnBlog – Denmark's monetary policy: Permanently halfway to the euro?|author=Molnár Vojtěch|publisher=Czech National Bank|date=13 March 2024|access-date=15 March 2024|archive-url=https://web.archive.org/web/20240315110850/https://www.cnb.cz/en/about_cnb/cnblog/cnBlog-Denmarks-monetary-policy-Permanently-halfway-to-the-euro/|archive-date=15 March 2024|url-status=live}}</ref>

== Current Status – ERM II ==
In the ratification process of the [[Maastricht Treaty]] in 1992 the Danish government issued a referendum due to constitutional requirements. The [[Constitution of Denmark|Danish constitution]] requires 5/6 of the parliament's approval in the case of a transfer of sovereignty cf. art. 20 of [[Constitution of Denmark|Grundloven]].<ref>{{Cite web|url=http://grundloven.dk/|title=Danmarks Riges Grundlov|website=grundloven.dk|access-date=24 March 2020}}</ref> If this requirement is not met, it will be necessary to host a referendum. [[1992 Danish Maastricht Treaty referendum|The referendum]] resulted in 50.7% of the population voting against the ratification of the Maastricht Treaty, while only 49.3% voted in favour. The bourgeois coalition government of Denmark in 1992 consisting of Conservatives, Agrarian Liberals, and the Social Democrats held approximately 80% of the seats in the Danish parliament ''([[Folketing]])'' and therefore believed that the referendum would easily get approved which was not the case.<ref>{{Cite journal|last=Siune|first=Karen|date=March 1993|title=The Danes said NO to the Maastricht Treaty. The Danish EC Referendum of June 1992|journal=Scandinavian Political Studies|volume=16|issue=1|pages=93–103|doi=10.1111/j.1467-9477.1993.tb00031.x|issn=0080-6757}}</ref>

The ratification of the [[Maastricht Treaty]] needed to be a unanimous decision by all the member states in the EU and the Danish "no" therefore posed a significant issue for the further integration process.<ref>{{Cite news |last1=Barker |first1=Alex |date=23 January 2013 |title=Opinion, Brussels blog - How do you revise the EU treaties? |website=Financial Times |url=https://www.ft.com/content/8cd660aa-a4e4-310e-acd6-cb572de94da2 |access-date=24 March 2020}}</ref> Denmark was not the only country issuing a referendum for the ratification of the [[Maastricht Treaty]]. In France there was a small majority for the treaty and the Irish population also voted in favour of the ratification 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]].<ref name=":0">{{Cite book|title=Euroscepticism: Party politics, national identity and European integration|date=2004|publisher=Rodopi|author1=Harmsen, Robert |author2=Spiering, Menno|isbn=1-4237-9199-1|location=Amsterdam|oclc=70910464}}</ref> In the years after Maastricht, the European integration faced more political scrutiny and pro-integration politicians could no longer rely on diffuse support.<ref name=":0" />

The solution to the lack of public support for the further European integration in Denmark is known as "the National Compromise". 7 out of 8 parties in the Danish parliament came together in support of this proposal. The main part of the National Compromise consisted of the request for [[Danish opt-outs from the European Union|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 11–12 December 1992 in [[Edinburgh]], the European leaders agreed to these four opt-outs.<ref>{{Cite journal|last=Svensson|first=Palle|date=March 1994|title=The Danish Yes to Maastricht and Edinburgh. The EC Referendum of May 1993|journal=Scandinavian Political Studies|volume=17|issue=1|pages=69–82|doi=10.1111/j.1467-9477.1994.tb00050.x|issn=0080-6757}}</ref>

Today Denmark instead participates in the Exchange Rate Mechanism II ([[ERM II]]) with a fluctuation band of ±2.25%. The ERM II is a fixed exchange rate regime, in which the Danish currency and other participating countries' currency are pegged to the [[euro]].<ref name=":1">{{Cite web|url=https://ec.europa.eu/info/business-economy-euro/euro-area/introducing-euro/adoption-fixed-euro-conversion-rate/erm-ii-eus-exchange-rate-mechanism_en|title=ERM II – the EU's Exchange Rate Mechanism|website=European Commission – European Commission|access-date=24 March 2020}}</ref> As of 2023, Denmark is one of the two countries participating in the ERM II (the other being Bulgaria).

This policy marks a continuation of the situation that existed from 1982 to 1999 with regard to the [[Deutsche Mark]], which provided a similar anchor currency for the krone.

The [[Danish krone|krone]] has been part of the [[ERM II]] mechanism since 1 January 1999, when it replaced the original [[European Exchange Rate Mechanism|ERM]]. This implies it is required to trade 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).<ref>{{Cite web|url=https://www.ecb.europa.eu/press/pr/date/2004/html/pr040628.en.html|title=Euro central rates and compulsory intervention rates in ERM II|website=European Central Bank|date=28 June 2004|access-date=24 March 2020}}</ref> This band, 2.25%, is narrower than the 15% band used for most [[ERM II]] members. However, the exchange rate has kept within 0.5% of the defined rate, even less than the set limits.

In the [[ERM II]] the domestic central bank, [[Danmarks Nationalbank]], and the [[European Central Bank|ECB]] commits to the stability of the [[Danish krone|Danish currency]] within the given fluctuation band. When the Danish currency goes beyond the agreed upon limits, it is up to the domestic Central bank to intervene until the level is back within the fluctuation band. The [[European Central Bank|ECB]] are obliged to intervene as well if the domestic Central bank is not able to.<ref name=":2">{{Cite book|author1=Hougaard, Jensen |author2=Svend, Erik|title=Fastkurspolitik, ØMU og valutaspekulation|date=2000|publisher=Economic Policy Research Unit, Institute of Economics, University of Copenhagen|oclc=784980209}}</ref>

The exchange rate of the [[euro]] is determined through the supply and demand of the [[Danish krone|Danish currency]] relative to euro. To avoid going beyond the fluctuation limits the domestic Central bank has two tools 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 rate.<ref>{{Cite web|url=http://www.nationalbanken.dk/en/about_danmarks_nationalbank/frequently_asked_questions/Pages/Denmarks-fixed-exchange-rate-policy.aspx|title=Denmark's fixed exchange rate policy|website=nationalbanken.dk|access-date=24 March 2020}}</ref>

The [[European Central Bank]] is conducting monetary policy independently from the national governments from [[Eurozone|the eurozone countries]] and has the aim of price stability. This means that the ERM II countries as well as [[Economic and Monetary Union of the European Union|EMU]] countries are giving up sovereignty in monetary policies to instead have price stability.<ref name=":1" /> When governments lose the autonomy in monetary policy, they lose the ability to respond to domestic economic shocks with monetary policy tools.<ref name=":3">{{Cite journal|last=PÉTURSSON|first=THÓRARINN G|year=2000|title=Exchange rate or inflation targeting in monetary policy?|url=https://www.cb.is/library/Skraarsafn---EN/FromOldWeb/Acrobat-(PDF)/mb001_6.pdf|journal=Monetary Bulletin 2000/1}}</ref> Denmark's currency is pegged to the currency of the eurozone which is not an [[Optimum currency area|optimal currency area]] because the participating countries have asymmetric business cycles.<ref name=":3" /> Therefore, the monetary policy conducted in the eurozone is not necessarily beneficial for the economic situation in Denmark. The policy-aim of keeping a fixed exchange rate policy is to keep stable economic development and stable prices. Stable prices can be translated into low inflation. Fixed exchange rate policy based on the [[euro]] creates a framework for low inflation in the long run.<ref name=":4">{{Cite book|title=Pengepolitik i Danmark|date=2009|publisher=Danmarks Nationalbank|isbn=978-87-87251-70-9|edition=3. udgave|location=København|oclc=837748184}}</ref> The role of the [[European Central Bank|ECB]] is set up in the Treaties and the monetary policy conducted should have price stability as its main aim. The [[European Central Bank|ECB]] has defined price stability as a yearly growth in consumption prices under, but close to 2% in the middle to long run.<ref name=":4" /> The policy competences of the [[European Central Bank|ECB]] are heavily influenced by the German Bundesbank policies and therefore have as main goal to have price stability and to be independent from national governments.<ref>{{Cite journal|last=Fontan|first=Clement|date=4 March 2018|title=Frankfurt's double standard: the politics of the European Central Bank during the Eurozone crisis|journal=Cambridge Review of International Affairs|volume=31|issue=2|pages=162–182|doi=10.1080/09557571.2018.1495692|issn=0955-7571|doi-access=free}}</ref>

The loss of autonomy in monetary policy in Denmark is not significant, as Denmark has had a fixed exchange rate since the end of the [[Second World War]] and has participated in several monetary cooperation systems. Therefore, the adoption of ERM II is not a change in this sense or a loss of autonomy in monetary policy as it has been limited since the creation of the [[Bretton Woods system]].<ref name=":5">{{Cite journal|last=MARCUSSEN|first=MARTIN|date=March 2005|title=Denmark and european monetary integration: Out but far from over|journal=Journal of European Integration|volume=27|issue=1|pages=43–63|doi=10.1080/07036330400029918|s2cid=154927996|issn=0703-6337}}</ref> Denmark has even gained more influence in the decision-making process through the EU and the ERM II than it had in previous monetary systems.<ref name=":5" /> Even though the Danish central bank governor does not participate in [[Governing Council of the European Central Bank|the governing council]] of the [[European Central Bank|ECB]], where the monetary policy and guidelines are formulated and adopted, Denmark have other channels of influence.  Even if Denmark did have a seat at the [[Governing Council of the European Central Bank|governing council]] of the [[European Central Bank|ECB]], it would not necessarily get more influence. Small member countries in [[Governing Council of the European Central Bank|the governing council]] of the [[European Central Bank|ECB]] cannot generally expect that they will get an equivalent say compared to larger members due to informal rules and practices.<ref name=":5" /> Denmark's finance minister participates in the [[Economic and Financial Affairs Council|ECOFIN council]] in the [[Council of the European Union]] and therefore has some interactions with other eurozone countries and participates in the decision-making process in this institution. The tendency of [[Economic and Financial Affairs Council|ECOFIN]] topics increasingly being transferred and therefore more discussed in the Eurogroup meetings is therefore again a limitation for Danish influence on monetary decisions.<ref name=":5" /> Denmark does not participate in [[Eurogroup]] meetings but participates in preparatory meetings before, and meetings after the actual [[Eurogroup]] meeting. Denmark is interested in being kept informed as decisions in these meetings will also affect Denmark's economy. Other channels of influence and interaction with other officials can be done through [[European System of Central Banks|ESCB]] framework, [[International Monetary Fund|IMF]], [[OECD]] and the ECB committees in which the [[Danmarks Nationalbank|Central Bank of Denmark]] also participates. This participation in the ECB committees is essential, as seen in the fact that its influence over monetary policy has improved compared to earlier systems.<ref name=":5" />

The [[European Central Bank|ECB]] can also use adjustment of interest rates to influence the exchange rate of the [[euro]]. An exchange rate is determined bilaterally relative to other currencies. If there is higher interest in one country relative to another, it will attract foreign capital and therefore the value of the currency will increase. Due to the fixed exchange rate regime in Denmark, the exchange rate level will always be close to the one of the eurozone's, and then the inflation rates will also be similar. A fixed exchange rate is a suitable tool to bring down inflation.<ref name=":3" /> A growth in economic activity can lead to inflation. Inflation in an economy is not necessarily hurtful as it can enable economic growth and create price and wage adjustment.<ref name=":3" /><ref>{{Cite web|url=https://www.economicshelp.org/blog/673/inflation/pros-and-cons-of-inflation/|title=Pros and Cons of Inflation|last=Pettinger|first=Tejvan|website=Economics Help|date=10 March 2020 |access-date=24 March 2020}}</ref> There are several attractive elements of low levels of inflation while having too high levels of inflation in the long run will result in the increase of prices due to higher levels of employment. Higher levels of employment and increased prices will also lead to higher wages which will hurt firm's competitiveness on international markets. When firms are less competitive, they will lose market shares and it will lead to an increase of unemployment. In the end, an economy will be worse off with high unemployment just with higher prices and wages.<ref name=":4" />

Besides maintaining low inflation levels, keeping a fixed exchange is also beneficial in other ways. It can reduce transaction costs and exchange rate uncertainty in international trade.<ref name=":3" /> The decrease in fluctuations of currency reduces uncertainty for traders and therefore stimulates international trade.<ref name=":3" />

=== Convergence status ===
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== History ==

=== Early monetary unions in Denmark (1873–1914) ===
On 5 May 1873 Denmark with Sweden fixed their currencies against gold and formed the [[Scandinavian Monetary Union]]. Prior to this date Denmark used the [[Danish rigsdaler]] divided into 96 rigsbank skilling. In 1875, Norway joined this union. A rate of 2.48 kroner per gram of gold, or roughly 0.403&nbsp;grams per krone was established. 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. But the name of the currencies in each country remained unchanged.

===European Monetary System and pre-euro monetary co-operation===
The collapse of the [[Bretton Woods system]] destabilised European markets and delayed the wish to have monetary integration in the member states of the [[European Economic Community]].<ref name=":6">{{Cite web|url=https://www.cvce.eu/en/collections/unit-content/-/unit/02bb76df-d066-4c08-a58a-d4686a3e68ff/38cf7d33-69b8-4550-a648-67f433ac14a1|title=The European currency snake – Historical events in the European integration process (1945–2014) – CVCE Website|website=cvce.eu|access-date=24 March 2020}}</ref> (Today [[European Union|EU]]). The Bretton Woods system was a system where exchange rates remained stable while having inflation under control.<ref name=":7">{{Cite journal|last=Oxenford|first=Matthew|date=September 2016|title=The Evolution of US and European Monetary Policy after Bretton Woods: A historical Overview and Lession for the Future|url=https://www.chathamhouse.org/sites/default/files/publications/research/2016-09-07-monetary-policy-oxenford.pdf|journal=Chatham House}}</ref> The [[United States dollar|dollar]] was pegged to the gold standard and the 14 European participating countries became convertible with the [[United States dollar|dollar]].<ref name=":7" /> In the EU, further monetary cooperation and stable exchange rates were considered necessary to facilitate the creation of the internal market.<ref name=":7" /> [[Werner Plan|The Werner Report]] was a draft proposal in the EU framework to have monetary cooperation to facilitate the internal market. This draft was based on a system where all participating countries' currencies were already fully convertible, and when the [[Bretton Woods system]] collapsed, there were no central currency to peg the currencies on and therefore the idea for monetary integration was postponed.<ref name=":7" /> The first step toward a more integrated monetary system in Europe was the [[Basel Accords|Basel agreement]] which created the [[European Currency Snake]].<ref name=":6" /> The [[Smithsonian Agreement]] was an international agreement outside the EU framework which provided a new dollar standard to which the EEC currencies' exchange rates were pegged to and where [[European Currency Snake|the European currency snake]] could fluctuate within. The currencies were though still allowed to fluctuate within 2.25% of the new dollar standard.<ref name=":6" /> The [[European Currency Snake]] entered into force on 24 April 1972 and was a tool to provide monetary stability.<ref name=":6" /> As the Currency Snake entered into force during the accession procedure of Denmark, United Kingdom and Ireland, those three currencies entered the system 1 May 1972. Shortly after, the [[Danish krone|Danish Crown]] came under speculative attacks and was forced to abandon the system but the joined again a few months later.<ref name=":6" /><ref name=":8">{{Cite book|last=Kaelberer, Matthias |title=Money and power in Europe : the political economy of European monetary cooperation|date=2001|publisher=State University of New York Press|isbn=0-7914-4996-3|location=Albany|oclc=44769076}}</ref> [[Smithsonian Agreement|The Smithsonian agreement]] collapsed in 1973 also due to speculative attacks and the US let the dollar float freely. This development made it unsustainable to maintain the European Currency Snake system. The snake cooperation was negatively impacted by exogenous pressures e.g. oil crises, the weakness of the dollar and differences of economic policy.<ref name=":6" /> Participants were forced to abandon the system and some even rejoined e.g. Denmark.<ref name=":8" /> In the last year of the operation of the snake, its area was only comprised Germany, the Benelux countries and Denmark.<ref name=":9"/>

The next attempt to create monetary stability in the [[European Economic Community|EEC]] (today EU) was the [[European Monetary System]] which was established in 1979.<ref name=":9">{{Cite web|url=https://www.europarl.europa.eu/factsheets/en/sheet/79/history-of-economic-and-monetary-union|title=History of economic and monetary union {{!}} Fact Sheets on the European Union {{!}} European Parliament|publisher=European Parliament|access-date=24 March 2020}}</ref> In the beginning Denmark was 1 out of 8 participating countries in the [[European Monetary System|EMS]].<ref name=":9" /> The [[European Monetary System|EMS]] created a system of [[European Currency Unit]] and an [[European Exchange Rate Mechanism|Exchange Rate Mechanism]]. The system set up a central rate and then bilateral rates were established between members.<ref name=":9" /> The [[European Monetary System|EMS]] was similar to the [[Bretton Woods system]] but did not officially have an individual currency at the center, but Germany came to dominate the monetary system, due to Germany's size relative to the other participating countries and their central bank's success with controlling inflation.<ref name=":7" />

The [[European Monetary System|EMS]] provided a stable system though it was still possible to have adjustable exchange rates and the Danish government used any opportunity to devaluate the currency.<ref name=":2" /> The Danish economy experienced economic issues in the 1980s, and the government introduced several economic reforms. The economic issues were triggered by the world-wide recession in 1973-72 which were caused by a combination of the exhaustion of the Fordist production method of mass production and consumption and increase of oil prices due to the Arab-Israeli war.<ref name=":10">{{Cite book|last=Viborg Andersen, Kim|title=Reorganizing the Danish welfare state: 1982–93 : a decade of conservative rule|date=1994|publisher=Department of Economics, Politics and Public Administration, Aalborg University|isbn=87-89426-43-6|oclc=467807514}}</ref> These exogenous shocks hurt the Danish economy hard and the recession caused inflationary pressures. Denmark saw a rise of inflation and unemployment. Inflation kept increasing due to attempts by firms to gain profit by raising prices, while a formal system of wage-price indexation increased levels of wages.<ref name=":10" /> The most significant reform was the decision to opt for a fixed exchange rate policy in 1982 and the government stopped devaluating the [[Danish krone|Danish currency]]. The currency was then pegged against the [[Deutsche Mark|German D-mark]].<ref>{{Cite book|last=Abildgren, Kim.|title=Monetary history of Denmark, 1990–2005|date=2010|publisher=Danmarks Nationalbank|isbn=978-87-87251-84-6|oclc=701865891}}</ref>

The next step for European monetary integration was the entrance into the third stage of the [[Economic and Monetary Union of the European Union|EMU]] with the adoption of the [[Euro]]. Denmark would not enter the third phase of the EMU with the other EU countries due to the opt-out of the EMU and would therefore not adopt the common currency. In 1998 Denmark entered an agreement with the EU about participating in the Exchange Rate Mechanism II with a narrow fluctuation band of +/- 2.25 pct instead of the +/- 15pct which is the standard fluctuation band in the mechanism.<ref name=":2" /> This agreement was negotiated and finalised in the [[Economic and Financial Affairs Council|ECOFIN]] Council 25–27 September 1998.<ref name=":4" /> The main difference between [[European Exchange Rate Mechanism|ERM]] and ERM II is that the currencies participating in the ERM II system are no longer linked to bilateral parities with other participating currencies as they were in the original [[European Exchange Rate Mechanism|ERM]] system, but instead linked to the [[Euro]].<ref name=":5" />

=== Pre-eurozone documents (1992–1999) ===
The [[Maastricht Treaty]] of 1992 required that EU member states join the euro. However, the treaty gave Denmark the right to [[Opt-outs in the European Union|opt out]] from participation, which they subsequently did following a [[1992 Danish Maastricht Treaty referendum|referendum]] on 2 June 1992 in which Danes rejected the treaty.  Later that year Denmark negotiated the [[Edinburgh Agreement (1992)|Edinburgh Agreement]], under which Denmark was granted further opt-outs, which led to the Maastricht Treaty being [[1993 Danish Maastricht Treaty referendum|accepted in a referendum]] on 18 May 1993. As the result, Denmark is not required to join the eurozone. Denmark did however participate in Stage 2 of EMU, which was considered the preparatory phase for the introduction of the euro.<ref name="1990-2005 216">{{cite book|last=Abildgren|first=Kim|title=Monetary History of Denmark 1990–2005|year=2010|publisher=Danmarks Nationalbank|location=Copenhagen|page=216|url=https://www.nationalbanken.dk/en/publications/Documents/2010/12/Monetary_History_Denmark_web.pdf}}</ref> As a part of this process, the National Bank of Denmark participated in various aspects of the planning of the euro as it was still considered to be very important for future Danish economic policy. According to a history published by the central bank, "Firstly, it was important to create a solid framework for price stability in the euro area, making it an appropriate anchor for the Danish fixed-exchange-rate policy. Secondly, Denmark had an interest in developing an expedient framework for exchange rate cooperation between the euro area and the non-euro area member states. Thirdly, Denmark had a general interest in the formulation of the ground rules for Stage 3 of EMU to ensure that Denmark would be able to adopt the single currency at a later stage on the same terms as those applying to the initial euro area member states."<ref name="1990-2005 216"/>

=== Euro referendum (2000) ===
{{Main|Danish euro referendum, 2000}}

A [[2000 Danish euro referendum|referendum]] held on 28 September 2000 rejected membership of the [[eurozone]]. 87.6% of eligible voters turned out, with 46.8% voting yes and 53.2% voting no.<ref name="Results">{{cite web |url=http://www.eu-oplysningen.dk/dkeu/dk/afstemninger/afstemning/2000/ |title=Folkeafstemning om euroen den 28. september 2000 |date=8 August 2006 |publisher=Folketinget |language=da |access-date=23 December 2008 }}</ref> Most political parties, media organisations and economic actors in Denmark campaigned in favour of adopting the euro. However, a couple of major parties campaigned against. Had the vote been favourable, Denmark would have joined the eurozone on 1 January 2002, and introduced the banknotes and coins in 2004. The immediate run-up to the referendum saw a significant weakening of the euro vs. the US dollar. Some analysts believe that this resulted in a general weakening of confidence in the new currency, directly contributing to its rejection. The bank believes that the debate was "coloured by the view that, on account of its fixed-exchange-rate policy, Denmark had already reaped some of the benefits of joining the euro area."<ref>Abildgren, 221.</ref>

=== Possible second euro referendum ===
{{main|Danish European Union opt-outs referendum}}
[[File:Denmark-euro-3.jpg|thumb|Double [[Danish krone|krone]] and [[euro]] prices in [[Magasin du Nord|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 exemptions, including exemption from the euro, by 2011.<ref>{{cite news |url=https://www.theguardian.com/eu/story/0,,2215481,00.html |title=Danes to hold referendum on relationship with EU |date=22 November 2007 |access-date=22 November 2007 |work=The Guardian | location=London | first=Allegra | last=Stratton}}</ref> It was unclear if people would vote on each exemption separately, or if people would vote on all of them together.<ref>{{cite web |author=Dagens Huvudledare |url=http://www.dn.se/DNet/jsp/polopoly.jsp?d=573&a=718468 |title=Danmark går före |work=Dagens Nyheter |date=24 November 2007 |language=sv |access-date=23 December 2008 |archive-date=17 December 2008 |archive-url=https://web.archive.org/web/20081217164646/http://www.dn.se/DNet/jsp/polopoly.jsp?d=573 |url-status=dead }}</ref> 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 eruption of the [[Financial crisis of 2007–08|Financial Crisis]] and then subsequently from the related [[European government-debt crisis]], led the government to postpone the referendum to a date after the end of its legislative term. When a [[2011 Danish parliamentary election|new government came to power in September 2011]], they outlined in their government manifest, that a euro referendum would not be held during its four-year term, due to a continued prevalence of this uncertainty.<ref>{{cite news|last=Brand|first=Constant|title=Denmark scraps border-control plans|url=http://www.europeanvoice.com/article/2011/october/denmark-scraps-border-control-plans/72315.aspx|access-date=18 October 2011|newspaper=European Voice|date=13 October 2011}}</ref>

As part of the [[2014 European Parliament election|European elections in 2014]], it was argued collectively by the group of [[pro-Europeanism|pro-European]] Danish parties ([[Venstre (Denmark)|Venstre]], [[Konservative Folkeparti|Konservative]], [[Social Democrats (Denmark)|Social Democrats]] and [[Radikale Venstre]]), that an upcoming euro referendum would not be in sight until the "development dust had settled" from creation of multiple European debt crisis response initiatives (including the establishment of [[Banking Union]], and the Commission's – still in pipeline – proposal package for creating a strengthened [[Economic and Monetary Union of the European Union#Plans for reformed Economic and Monetary Union|genuine EMU]]).{{citation needed|date=July 2015|reason=The noted joint political position was spoken during a election campaign debate broadcasted by DR2 in May 2014, which is not disputed as a fact. But to comply with Wikipedia Policy, we need to find and add a linkable source.}} When a [[2015 Danish parliamentary election|new Venstre-led government came to power in June 2015]], their government manifest did not include any plans for holding a euro referendum within their four-year legislative term.<ref name="Government manifest 2015">{{cite web|url=http://www.venstre.dk/_Resources/Persistent/63002ee09c17ea437981728a5d7f2402e4c472d9/Regeringsgrundlag-2015.pdf|title=Regeringsgrundlag juni 2015: Sammen for Fremtiden (Government manifest June 2015: Together for the Future)|language=da|publisher=Venstre|date=27 June 2015|url-status=dead|archive-url=https://web.archive.org/web/20150701021935/http://www.venstre.dk/_Resources/Persistent/63002ee09c17ea437981728a5d7f2402e4c472d9/Regeringsgrundlag-2015.pdf|archive-date=1 July 2015}}</ref> During the [[2022 Danish European Union opt-out referendum|referendum to abolish the defence opt-out in 2022]],
the prime minister of Denmark, [[Mette Frederiksen]], promised not to hold an additional euro referendum under her reign as prime minister.<ref>{{cite web|url=https://ecfr.eu/article/denmarks-zeitenwende/|title=Denmark's Zeitenwende|date=7 June 2022|accessdate=25 February 2024|publisher=[[European Council on Foreign Relations]]}}</ref> No plans for holding a euro referendum were included in the government manifest of 2022.<ref name="DanishGovernment2022">{{cite web|url=https://fm.dk/media/26729/ansvar-for-danmark_det-politiske-grundlag-for-danmarks-regering_december-2022.pdf|title=Regeringsgrundlag December 2022: Ansvar for Danmark (Government manifest December 2022: Responsibility for Denmark)|language=da|publisher=Danish Ministry of Finance|date=14 December 2022}}</ref>

There has been some speculation that the result of a Danish referendum would affect the [[Sweden and the euro|Swedish debate on the euro]].<ref>{{cite web |url=http://www.dn.se/DNet/jsp/polopoly.jsp?d=148&a=718135 |title=Utspelet kan höja temperaturen i den iskalla svenska EU-debatten |date=22 November 2007 |author=Henrik Brors |work=Dagens Nyheter |language=sv |access-date=23 December 2008 |archive-date=17 December 2008 |archive-url=https://web.archive.org/web/20081217005951/http://www.dn.se/DNet/jsp/polopoly.jsp?d=148 |url-status=dead }}</ref>

=== Usage today ===
The euro can be used in 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|the financing of terrorism]],<ref>{{cite web |last1=Brink |first1=Carsten |title=500-eurosedlen udfases |url=https://finansdanmark.dk/nyheder/2019/500-eurosedlen-udfases/ |website=finansdanmark.dk |publisher=[[Finance Denmark]] |access-date=15 May 2020 |language=da}}</ref> meaning "handing out, handing in, exchanging, using as payment or transferring" the banknote in Denmark was made illegal.<ref>{{cite web |title=Bekendtgørelse af lov om forebyggende foranstaltninger mod hvidvask og finansiering af terrorisme (hvidvaskloven) |url=https://www.retsinformation.dk/eli/lta/2020/380#P6a |website=retsinformation.dk |access-date=15 May 2020 |language=da}}</ref> At the time, the banknote was worth 3,737 Danish kroner (DKK), more than three times the highest denomination of the domestic currency, [[Danish thousand-kroner bill|the thousand-kroner banknote]].<ref>{{cite web |title=500 EUR in DKK on 10 January 2020 |url=https://www.wolframalpha.com/input/?i=500+EUR+in+DKK+on+10+January+2020 |website=wolframalpha.com |publisher=[[WolframAlpha]] |access-date=15 May 2020}}</ref> 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 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 [[Banknotes of the Swiss franc|Swiss franc banknote]],<ref>{{cite web |last1=Schwartzkopff |first1=Frances |title=Denmark Ignores ECB to Ban 500-Euro Note in Dirty Money Battle |url=https://www.bloombergquint.com/onweb/denmark-ignores-ecb-to-ban-500-euro-note-in-dirty-money-battle |website=bloombergquint.com |date=4 April 2019 |publisher=[[BloombergQuint]] |access-date=15 May 2020}}</ref><ref>{{cite web |title=Opinion on banning the use of euro 500 denomination banknotes and on certain amendments to anti-money laundering legislation |url=https://www.ecb.europa.eu/ecb/legal/pdf/en_opinion_con-2019-05_dk_on_banning_the_use_of_euro_500_denomination_banknotes_and_on_certain_amendments_to_anti-money_.pdf |website=ecb.europa.eu |publisher=[[European Central Bank]] |access-date=15 May 2020 |date=12 February 2019}}</ref> worth more than 6,500 DKK at the time.<ref>{{cite web |title=1000 CHF in DKK in February 2019 |url=https://www.wolframalpha.com/input/?i=1000+CHF+in+DKK+in+February+2019 |website=wolframalpha.com |publisher=[[WolframAlpha]] |access-date=15 May 2020}}</ref>

==Consequences of adoption of the euro==
If Denmark were to adopt the euro, the monetary policy would be transferred from the [[Danmarks Nationalbank]] to the [[European System of Central Banks|ESCB]]. In theory this would limit the ability of Denmark to conduct 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".<ref name="Danish road to the euro">{{cite web |url=http://www.konferencja.edu.pl/ref8/pdf/en/Fic-Warszawa.pdf |title=How long is the Danish road to the euro? |date= n.d.|access-date=3 November 2018 |archive-url=https://web.archive.org/web/20111009101143/http://www.konferencja.edu.pl/ref8/pdf/en/Fic-Warszawa.pdf |archive-date=9 October 2011 |url-status=dead }}</ref>

However, whilst outside the euro, Denmark does not have any representation in the ESCB direction.  This motivated the support for an adoption of the euro by former Prime Minister [[Anders Fogh Rasmussen]]: "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".<ref>{{cite news| url=https://www.bloomberg.com/apps/news?pid=20601085&sid=a7HNDE8bkkUE&refer=europe | work=Bloomberg | title=Rasmussen Says He Isn't Candidate for EU Presidency (Update1) | date=31 March 2008}}</ref> Furthermore, the ESCB does not defend the Danish krone exchange rate. This is done by Danmarks Nationalbank, and the Danish government. In a crisis it can be tough for a small country to defend its exchange rate.{{speculation inline}}

The expected practical advantages of euro adoption are a decrease of transaction costs with the eurozone, a better transparency of foreign markets for Danish consumers, and more importantly a decrease of the interest rates which has a positive effect on growth.<ref name="Danish road to the euro"/>

In the wake of the [[2010 European sovereign debt crisis]] European leaders established the [[European Financial Stability Facility]] (EFSF) which is a [[special purpose vehicle]]<ref>[http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf] "The Council and the member states decided on a comprehensive package of measures to preserve financial stability in Europe, including a European financial stabilisation mechanism, with a total volume of up to EUR 500&nbsp;billion."</ref> aimed at preserving financial stability in Europe by providing financial assistance to [[eurozone]] states in difficulty.<ref>[http://www.economist.com/node/16485600?story_id=16485600&fsrc=rss] "European Financial Stability Facility, the special-purpose vehicle (SPV) set up to support ailing euro-zone countries, is even being run by a former hedgie. But this is one fund that will never short its investments."</ref> It has two parts. The first part expands a €60&nbsp;billion stabilisation fund ([[European Financial Stabilisation Mechanism]]).<ref>[http://www.europeanvoice.com/article/2010/06/spain-seeks-to-reassure-eu-leaders/68293.aspx] "Media reports said that Spain would ask for support from two EU funds for eurozone governments in financial difficulty: a €60bn 'European financial stabilisation mechanism', which is reliant on guarantees from the EU budget."</ref> All EU countries contribute to this fund on a [[pro-rata]] basis, whether they are eurozone countries or not.<ref>{{Cite news | title = Debt crisis Q&A: How the EU bailout will work| url = https://www.theguardian.com/business/2010/may/10/eu-rescue-package-q-a |  work = The Guardian | date = 10 May 2010 | access-date = 12 May 2010 | location=London | first=Elena | last=Moya}}</ref>
The second part, worth €440&nbsp;billion consists of [[government-backed loan]]s 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.<ref>{{cite web | title = France attacks UK over attitude to bail-out fund| url = http://euobserver.com/9/30060 | work = EUobserver | date = 11 May 2010 | access-date = 12 May 2010 }}</ref><ref>{{cite web | title = EU's lånepakke kan koste Danmark ni milliarder kroner | url = http://politiken.dk/politik/article968137.ece | work = Politiken | date = 10 May 2010 | access-date = 12 May 2010 | language = da | archive-url = https://web.archive.org/web/20100513072228/http://politiken.dk/politik/article968137.ece | archive-date = 13 May 2010 | url-status=dead | df = dmy-all }}</ref>

== Public opinion ==
{{Update|section|date=November 2024}}
[[File:Euro opinion danmark.PNG|thumb|right|Euro opinion in [[Denmark]] since August 2006 by Børsen.<br />green – support of adopting the euro<br />red – against adopting the euro<br />blue – undecided{{Update inline|reason=Chart has not been updated in 10 years|date=February 2021}}]]
[[File:DKK-EUR 1999-.svg|thumb|right|DKK-EUR exchange rate since 1999]]

There have been numerous opinion polls on whether Denmark should abolish the krone and join the euro. The actual wording of the questions have varied.

Polls generally favoured euro adoption from 2002 to 2010, however showed a rapid decline in support during the height of the ''European debt crisis'',<ref>{{cite news|url=https://www.bloomberg.com/news/2011-09-27/debt-crisis-pushes-danish-euro-opposition-to-record-poll-shows.html|title=Debt Crisis Pushes Danish Euro Opposition to Record, Poll Shows |publisher=[[Bloomberg News|Bloomberg]]|date=27 September 2011|access-date=22 January 2013}}</ref> reaching a low in May 2012 with 26% in favour versus 67% against, with 7% were in doubt.<ref>{{cite web|url=http://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2246_content_2_2859.pdf|title=Greens Analyseinstitut|publisher=Børsen (Greens Analyseinstitut)|date=7 May 2012|url-status=dead|archive-url=https://web.archive.org/web/20130120193927/http://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2246_content_2_2859.pdf|archive-date=20 January 2013|df=dmy-all}}</ref> 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, whereas 65% were against it.<ref>{{Cite web|url=https://europa.eu/eurobarometer/surveys/detail/2180|title=Standard Eurobarometer 89 - Spring 2018 - Factsheets Denmark|publisher=Eurobarometer|date=June 2018|access-date=18 December 2018 }}</ref> The exact same poll conducted in May 2024, signaled a gradual rise for supporting the euro from the previous level recorded in 2012 and 2018; with 34% now in favour, 58% against and 8% undecided.<ref>{{Cite web|url=https://europa.eu/eurobarometer/surveys/detail/3216|title=Standard Eurobarometer 101 - Spring 2024 - Data annex|work=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?|publisher=Eurobarometer|date=May 2024|access-date=22 June 2024}}</ref>

{| class="wikitable collapsible collapsed"
|-
! Date
! style="background:lightgreen" | YES
! style="background:pink" | NO
! style="background:silver" | Unsure
! Number of participants
! Held by
! Ref
|-
| 29 March – 30 April 2002
| style="background:yellow" | 47%
| 33%
| 20%
| unknown
| [[Eurobarometer]]
|<ref>{{cite web|url=http://ec.europa.eu/public_opinion/archives/eb/eb57/eb57_denmark.pdf|title=Standard Eurobarometer 57 – Public Opinion in the European Union – Denmark National Report|date=|access-date=3 November 2018}}</ref>
|-
| March 2007
| style="background:yellow" | 56%
| 39%
| 5%
| 910 Persons
| [[Greens Analyseinstitut]] published in [[Dagbladet Børsen|Børsen]]
|<ref name="web.archive.org">{{Cite web|url=http://img.borsen.dk/img/cms/cmsmedia/514_content_2_5737.pdf|date=3 December 2007|archive-url=https://web.archive.org/web/20071203092905/http://img.borsen.dk/img/cms/cmsmedia/514_content_2_5737.pdf|archive-date=3 December 2007|title=Greens Analyseinstitut|language=da}}</ref>
|-
| April 2007
| style="background:yellow" | 53%
| 40%
| 7%
| 910 Persons
| Greens Analyseinstitut published in Børsen
|<ref name="web.archive.org"/>
|-
| November 2007
| style="background:yellow" | 54%
| 42%
| 4%
| unknown
| Greens Analyseinstitut published in Børsen
|<ref name="angus-reid.com">{{Cite web|url=http://www.angus-reid.com/polls/view/29186/many_danes_willing_to_switch_to_euro|archive-url=https://web.archive.org/web/20080110232103/http://www.angus-reid.com/polls/view/29186/many_danes_willing_to_switch_to_euro|url-status=usurped|title=Many Danes Willing to Switch to Euro &#124; Angus Reid Global|archive-date=10 January 2008}}</ref>
|-
| 26 November 2007
| style="background:yellow" | 52%
| 39%
| 9%
| 1016 Danish adults
| Vilstrup Synovate published in [[Politiken]]
|<ref name="angus-reid.com"/>
|-
| April 2008
| style="background:yellow" | 55%
| 38%
| 7%
| 1009 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="ReferenceA">{{Cite web|url=http://www.angus-reid.com/polls/view/danes_still_willing_to_adopt_euro/|archive-url=https://web.archive.org/web/20080808121944/http://www.angus-reid.com/polls/view/danes_still_willing_to_adopt_euro/|url-status=usurped|title=Danes Still Willing to Adopt Euro &#124; Angus Reid Global|archive-date=8 August 2008}}</ref>
|-
| 5–7 May 2008
| style="background:yellow" | 54%
| 42%
| 4%
| 1009 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="ReferenceA"/><ref>{{Cite web|url=http://www.eubusiness.com/news-eu/1210342625.71/ |title=Majority of Danes in favour of adopting euro, poll suggests — EUbusiness.com - business, legal and economic news and information from the European Union|access-date=27 August 2008|archive-url=https://web.archive.org/web/20080907164207/http://eubusiness.com/news-eu/1210342625.71/|archive-date=7 September 2008|url-status=dead}}</ref>
|-
| Mid-June 2008
| 40%
| style="background:yellow" | 48%
| 12%
| 1036 Danes
| Capacent Epinions
|<ref>{{Cite web|url=https://www.dr.dk/nyheder/politik/danskerne-vil-kun-af-med-et-eu-forbehold|title=Danskerne vil kun af med et EU-forbehold|website=[[DR (broadcaster)|DR]]|date=20 June 2008|language=da}}</ref>
|-
| 29 September – 1 October 2008
| style="background:yellow" | 52%
| 44%
| 4%
| 1050 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=October 2008|title=Greens Analyseinstitut|url=http://img.borsen.dk/img/cms/cmsmedia/693_content_2_8211.pdf|archive-url=https://web.archive.org/web/20090319025632/http://img.borsen.dk/img/cms/cmsmedia/693_content_2_8211.pdf|archive-date=19 March 2009|website=Børsen|language=da}}</ref>
|-
| 3–5 November 2008
| style="background:yellow" | 54%
| 38%
| 8%
| 1098 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=November 2008|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/857_content_2_3629.pdf|archive-url=https://web.archive.org/web/20090319025625/http://img.borsen.dk/img/cms/cmsmedia/857_content_2_3629.pdf|archive-date=19 March 2009|website=Børsen|language=da}}</ref>
|-
| December 2008
| style="background:yellow" | 54%
| 40%
| 6%
| >1000 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="img.borsen.dk">{{Cite web|date=January 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/877_content_2_7366.pdf|archive-url=https://web.archive.org/web/20090319025629/http://img.borsen.dk/img/cms/cmsmedia/877_content_2_7366.pdf|archive-date=19 March 2009|website=Børsen|language=da}}</ref>
|-
| 5–7 January 2009
| style="background:yellow" | 56%
| 38%
| 4%
| 1307 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="img.borsen.dk"/>
|-
| 2–4 February 2009
| style="background:yellow" | 57%
| 39%
| 4%
| 1124 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=February 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/881_content_2_5141.pdf|archive-url=https://web.archive.org/web/20090319025637/http://img.borsen.dk/img/cms/cmsmedia/881_content_2_5141.pdf|archive-date=19 March 2009|website=Børsen|language=da}}</ref>
|-
| 11 February 2009
| style="background:yellow" | 42%
| style="background:yellow" | 42%
| 16%
| unknown
| Gallup Poll in [[Berlingske]] Tidende
|<ref>{{Cite web|url=https://politiken.dk/newsinenglish/art4794414/Support-for-euro-in-free-fall|title=Support for euro in free fall|date=11 February 2009|website=[[Politiken]]}}</ref>
|-
| 2–4 March 2009
| style="background:yellow" | 52%
| 38%
| 10%
| 1085 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=March 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/881_content_2_5141.pdf|website=Børsen|language=da}}</ref>
|-
| 30 March – 1 April 2009
| style="background:yellow" | 51%
| 42%
| 7%
| 1007 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=April 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/370_content_2_8723.pdf|website=Børsen|language=da}}</ref>
|-
| 27–29 April 2009
| style="background:yellow" | 52%
| 40%
| 8%
| 1178 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=April 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/514_content_2_6992.pdf|website=Børsen|language=da}}</ref>
|-
| 13 May 2009
| 43%
| style="background:yellow" | 45%
| 11%
| unknown
| [[Ramboll|Rambøll]]
|<ref>{{Cite web|url=https://jyllands-posten.dk/politik/ECE4143292/Opbakningen-til-EU-i-bakgear/|title=Opbakningen til EU i bakgear|date=13 May 2009|website=[[Jyllands-Posten]]|language=da}}</ref>
|-
| 25–27 May 2009
| style="background:yellow" | 51%
| 42%
| 7%
| 951 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=May 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/426_content_2_6034.pdf|website=Børsen|language=da}}</ref>
|-
| September 2009
| style="background:yellow" | 50%
| 43%
| 7%
| 951 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{cite web|url=https://img.borsen.dk/img/cms/cmsmedia/693_content_2_2076.pdf|title=EU-forbehold|date=September 2009|access-date=3 November 2018|language=da}}</ref>
|-
| October 2009
| style="background:yellow" | 50%
| 43%
| 7%
| 1081 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=October 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/857_content_2_3900.pdf|website=Børsen|language=da}}</ref>
|-
| 2–4 November 2009
| style="background:yellow" | 54%
| 41%
| 5%
| 1158 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=November 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/372_content_2_355.pdf|website=Børsen|language=da}}</ref>
|-
| 30 November – 2 December 2009
| style="background:yellow" | 50%
| 40%
| 10%
| 1001 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=December 2009|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/877_content_2_2936.pdf|website=Børsen|language=da}}</ref>
|-
| 2–4 January 2010
| style="background:yellow" | 51%
| 42%
| 7%
| 1162 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=January 2010|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/881_content_2_8045.pdf|website=Børsen|language=da}}</ref>
|-
| 1–3 February 2010
| style="background:yellow" | 49%
| 45%
| 6%
| 1241 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=February 2010|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/962_content_2_7125.pdf|website=Børsen|language=da}}</ref>
|-
| 1–3 March 2010
| style="background:yellow" | 48%
| 46%
| 6%
| 552 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=March 2010|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/964_content_2_4340.pdf|website=Børsen|language=da}}</ref>
|-
| 12–14 April 2010
| style="background:yellow" | 52%
| 41%
| 7%
| 988 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=April 2010|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/970_content_2_8243.pdf|website=Børsen|language=da}}</ref>
|-
| 3–5 May 2010
| style="background:yellow" |48%
| 45%
| 7%
| 1004 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=May 2010|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/981_content_2_8009.pdf|website=Børsen|language=da}}</ref>
|-
| 11–13 May 2010
| style="background:yellow" | 45%
| 43.2%
| 11.2%
| 1002 Danish adults
| [[Ritzau|Catinét Ritzau]] published in [[Fyens Stiftstidende|Fyens]]
|<ref>{{Cite web|url=http://www.fyens.dk/article/1599936:Indland-Fyn--Danskere-tvivler-paa-euro-efter-graesk-krise|title=Danskere tvivler på euro efter græsk krise|access-date=13 May 2010|archive-url=https://web.archive.org/web/20110719012927/http://www.fyens.dk/article/1599936:Indland-Fyn--Danskere-tvivler-paa-euro-efter-graesk-krise|archive-date=19 July 2011|url-status=dead|language=da|website=[[Fyens Stiftstidende]]}}</ref>
|-
| 31 May – 2 June 2010
| 45%
| style="background:yellow"|48%
| 7%
| 1079 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=June 2010|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/cmsmedia/980_content_2_8134.pdf|website=Børsen|language=da}}</ref>
|-
| 27 September 2010
| 45%
| style="background:yellow"|48.3%
| 6.7%
| unknown
| [[Jyllands-Posten]]
|<ref>{{Cite web|url=https://www.jv.dk/artikel/961205:Indland--Voksende-modstand-mod-at-indfoere-euroen|title=Voksende modstand mod at indføre euroen|date=27 September 2010|website=JydskeVestkysten|language=da}}</ref>
|-
| 1 October 2010
| 46%
| style="background:yellow"|48%
| 6%
| 1025 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk">{{cite web|url=http://www.borsen.dk|title=Børsen|work=Dagbladet Børsen|access-date=3 November 2018|language=da}}</ref>
|-
| 1 November 2010
| 44%
| style="background:yellow"|49%
| 7%
| unknown
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 December 2010
| 46%
| style="background:yellow"|48%
| 6%
| 1006 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 January 2011
| 43%
| style="background:yellow"|50%
| 7%
| 1336 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 February 2011
| 43%
| style="background:yellow"|48%
| 9%
| 1053 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 March 2011
| style="background:yellow"|47%
| 46%
| 7%
| 1060 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 April 2011
| 43%
| style="background:yellow"|50%
| 7%
| 1286 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 May 2011
| 44%
| style="background:yellow"|48%
| 8%
| 1133 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| 1 August 2011
| 37%
| style="background:yellow"|54%
| 9%
| 1143 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref name="borsen.dk"/>
|-
| September 2011?
| 22.5%
| style="background:yellow"|50.6%
| 28.1%
| unknown
| [[Danske Bank]]
|<ref>{{Cite news|url=https://www.svd.se/rungande-danskt-nej-till-euron|title=Rungande danskt nej till euron|date=27 September 2011|work=[[Svenska Dagbladet]]|language=sv}}</ref>
|-
| 11 October 2011
| 29%
| style="background:yellow"|65%
| 6%
| 1239 Danes
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|url=http://borsen.dk/nyheder/politik/tilslutningen-til-euroen-styrtdykker-1a1v4|title=Tilslutningen til euroen styrtdykker|first=Mette|last=Dyrskjøt|date=11 October 2011|website=Dagbladet Børsen|language=da}}</ref>
|-
| 4–6 May 2012
| 26%
| style="background:yellow"|67%
| 7%
| 1092 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2246_content_2_2859.pdf |title=Greens Analyseinstitut|access-date=3 August 2015|archive-url=https://web.archive.org/web/20130120193927/http://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2246_content_2_2859.pdf|archive-date=20 January 2013|url-status=dead|language=da}}</ref>
|-
| 24–27 February 2013
| 29%
| style="background:yellow"|64%
| 7%
| 1004 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2266_content_2_5689.pdf |title=Greens Analyseinstitut|access-date=3 August 2015|archive-url=https://web.archive.org/web/20130508213925/http://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2266_content_2_5689.pdf|archive-date=8 May 2013|url-status=dead|language=da}}</ref>
|-
| 3–9 January 2014
| 30%
| style="background:yellow"|62%
| 8%
| 1199 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=January 2014|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2246_content_2_4038.pdf|website=Børsen|language=da}}</ref>
|-
| 25 April – 1 May 2014
| 26%
| style="background:yellow"|66%
| 8%
| 1235 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=May 2014|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2269_content_2_8163.pdf|website=Børsen|language=da}}</ref>
|-
| 25–30 July 2014
| 30%
| style="background:yellow"|64%
| 6%
| 1298 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=July 2014|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2266_content_2_4310.pdf|website=Børsen|language=da}}</ref>
|-
| 22–27 August 2014
| 29%
| style="background:yellow"|64%
| 7%
| 1222 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=August 2014|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2237_content_2_8347.pdf|website=Børsen|language=da}}</ref>
|-
| 24–29 October 2014
| 28%
| style="background:yellow"|64%
| 8%
| 1139 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=October 2014|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2267_content_2_383.pdf|website=Børsen|language=da}}</ref>
|-
| 21–26 November 2014
| 30%
| style="background:yellow"|61%
| 9%
| 1165 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=November 2014|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2236_content_2_2914.pdf|website=Børsen|language=da}}</ref>
|-
| 23–28 January 2015
| 31%
| style="background:yellow"|61%
| 8%
| 1242 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=January 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2273_content_2_7574.pdf|website=Børsen|language=da}}</ref>
|-
| 20–26 February 2015
| 27%
| style="background:yellow"|64%
| 9%
| 1179 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=February 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2234_content_2_9873.pdf|website=Børsen|language=da}}</ref>
|-
| 24–29 March 2015
| 28%
| style="background:yellow"|62%
| 10%
| 1232 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=March 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2235_content_2_4175.pdf|website=Børsen|language=da}}</ref>
|-
| 22–26 May 2015
| 30%
| style="background:yellow"|60%
| 10%
| 961 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=May 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2237_content_2_3922.pdf|website=Børsen|language=da}}</ref>
|-
| 27 July – 3 August 2015
| 25%
| style="background:yellow"|66%
| 9%
| 1205 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=August 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2266_content_2_4456.pdf|website=Børsen|language=da}}</ref>
|-
| 25–30 September 2015
| 25%
| style="background:yellow"|64%
| 11%
| 1143 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=September 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2257_content_2_2527.pdf|website=Børsen|language=da}}</ref>
|-
| 27 November – 2 December 2015
| 22%
| style="background:yellow"|70%
| 8%
| 1191 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=December 2015|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2233_content_2_7472.pdf|website=Børsen|language=da}}</ref>
|-
| 22 – 27 January 2016
| 22%
| style="background:yellow"|67%
| 11%
| 1196 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=January 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2267_content_2_426.pdf|website=Børsen|language=da}}</ref>
|-
| 22 February – 1 March 2016
| 21%
| style="background:yellow"|71%
| 8%
| 1211 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=March 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2236_content_2_8928.pdf|website=Børsen|language=da}}</ref>
|-
| 22–30 March 2016
| 22%
| style="background:yellow"|68%
| 10%
| 1259 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=March 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2273_content_2_7207.pdf|website=Børsen|language=da}}</ref>
|-
| 21–27 April 2016
| 20%
| style="background:yellow"|67%
| 13%
| 1223 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=April 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2234_content_2_9335.pdf|website=Børsen|language=da}}</ref>
|-
| 27 May – 2 June 2016
| 22%
| style="background:yellow"|69%
| 9%
| 1448 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=June 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2235_content_2_9357.pdf|website=Børsen|language=da}}</ref>
|-
| 29 July – 3 August 2016
| 21%
| style="background:yellow"|68%
| 11%
| 1245 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=August 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2237_content_2_2539.pdf|website=Børsen|language=da}}</ref>
|-
| 26 August – 1 September 2016
| 21%
| style="background:yellow"|69%
| 10%
| 1263 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=September 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2266_content_2_347.pdf|website=Børsen|language=da}}</ref>
|-
| 23–29 October 2016
| 23%
| style="background:yellow"|70%
| 7%
| 1226 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=October 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2269_content_2_1898.pdf|website=Børsen|language=da}}</ref>
|-
| 28 October – 2 November 2016
| 24%
| style="background:yellow"|67%
| 9%
| 1283 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=November 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2257_content_2_8410.pdf|website=Børsen|language=da}}</ref>
|-
| 2–7 December 2016
| 29%
| style="background:yellow"|62%
| 9%
| 1249 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=December 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2246_content_2_5116.pdf|website=Børsen|language=da}}</ref>
|-
| 16–21 December 2016
| 26%
| style="background:yellow"|65%
| 9%
| 1230 Danish adults
| Greens Analyseinstitut published in Børsen
|<ref>{{Cite web|date=December 2016|title=Greens Analyseinstitut|url=https://img.borsen.dk/img/cms/tuksi4/media/cmsmedia/2233_content_2_9796.pdf|website=Børsen|language=da}}</ref>
|}

''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?" <small>("Hvad ville du stemme ved en evt. ny folkeafstemning om Danmarks deltagelse i den fælles valuta?")</small>.

;Public support for the euro in Denmark according to Eurobarometer polls<ref>{{Cite web|url=https://ec.europa.eu/commfrontoffice/publicopinion/index.cfm/Survey/index|title=PublicOpinion|publisher=European Commission}}</ref>
{{Graph:Chart|width=700|height=200|type=line|xType=date|xAxisFormat=%m/%Y|yAxisMin=0|yAxisMax=100|yAxisTitle=%
|x=2001-04-01,2001-10-01,2002-03-01,2002-10-01,2003-03-01,2003-10-01,2004-02-01,2004-10-01,2005-05-01,2005-10-01,2006-03-01,2006-09-01,2007-04-01,2007-09-01,2008-03-01,2008-10-01,2009-06-01,2009-10-01,2010-05-01,2010-11-01,2011-05-01,2011-11-01,2012-05-01,2012-11-01,2013-05-01,2013-11-01,2014-05-01,2014-11-01,2015-05-01,2015-11-01,2016-05-01,2016-11-01,2017-05-01,2017-11-01,2018-03-01,2018-11-01,2019-06-01,2019-11-01,2020-07-01
|y=40,47,52,55,53,52,50,50,50,50,50,53,54,52,51,51,53,53,42,43,41,29,28,30,32,33,29,34,31,30,29,30,29,31,29,30,26,29,28
|y2=50,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,50
|colors=#8080fe,#80808080,#ae414141}}

== Danish autonomous territories ==
The [[Faroe Islands]] currently use the [[Faroese króna]], a localised version of the Danish krone but legally the same currency. Such notes are normally not accepted by shops in Denmark proper, or foreign exchange bureaus, but exchanged 1:1 in Danish banks. [[Greenland]] currently uses ordinary Danish kroner but has considered introducing its own currency, the [[Greenlandic krone]] in a system similar to that of the Faroese one.<ref>[http://www.statsrevisor.dk/Samling/20061/lovforslag/L42/som_fremsat.htm Parliament of Denmark, 2006–2007 session, law no. 42]</ref> Both 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. For this reason, they usually do not take part in EU related referendums.

== Possible euro coin design ==

Before Denmark's 2000 referendum on the issue, [[Danmarks Nationalbank]] and the [[Royal Mint of Denmark|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.<ref>{{Cite web |date=21 December 2014 |title=Illustration af danske euromønter / EU-Oplysningen |url=http://www.eu-oplysningen.dk/emner/euro/Afstemning/DKmoenter/ |archive-url=https://web.archive.org/web/20141221210908/http://www.eu-oplysningen.dk/emner/euro/Afstemning/DKmoenter/ |archive-date=21 December 2014}}</ref> However, Denmark did not adopt the euro during the reign of Margrethe II, so a new design, revolving around her son King [[Frederik X]], would be required should Denmark adopt the euro during his reign.

== See also ==
{{Portal|Denmark|Money}}
* [[Enlargement of the eurozone]]
* [[Denmark and the European Union]]

== References ==
{{reflist}}

{{Euro topics}}

{{DEFAULTSORT:Denmark And The Euro}}
[[Category:Economy of Denmark]]
[[Category:Euro by country]]