Euro Skepticism Grips Danish Voters Even as Debt Crisis Abates

A recovery in the euro area has done little to persuade Danes to reconsider the single currency.

A poll commissioned by Danske Bank A/S showed 63.5 percent of Danish voters want to keep the krone, with 52.9 percent signaling clear opposition to the euro and 10.6 indicating they’re likely to vote against a change of currency. In June, 64.6 of voters were against the euro, with 52.6 percent indicating clear opposition. The poll showed 34.4 percent would welcome the euro, compared with 33.9 percent in June.

Prime Minister Helle Thorning-Schmidt has refused to set a date for a euro referendum as opposition to monetary union stays close to a record in AAA rated Denmark. Danes last rejected the single currency in a 2000 referendum, when 53 percent of voters said they wanted to keep the krone.

“It’s quite conceivable that it will be 10 years before another referendum might be considered,” Steen Bocian, Danske Bank chief economist in Copenhagen, said in a statement.

While Danes reject the euro, the nation has remained loyal to its euro peg throughout the crisis. Denmark’s currency regime forced the central bank to cut its deposit rate below zero in July 2012 in an effort to fight a capital influx that threatened to drive the krone higher. The record-low interest rates fed through to the mortgage market and helped Denmark cope with rising unemployment and a recession.

“It’s important to underline that Denmark’s euro peg has never been a subject of debate,” Bocian said. “The peg will be maintained no matter what.”

Danske commissioned the poll from Danmarks Statistik, which based its results on answers from 990 respondents, the bank said. The poll was conducted in the first two weeks of September. Of those asked, 2.1 percent said they didn’t know how they would vote, compared with 1.5 percent in June.

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