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 ERM II takes effect
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On 1 January 1999 Denmark joined the new exchange-rate mechanism, ERM II, which has the euro as its anchor currency. The central rate of the krone vis-à-vis the euro, kr. 746.038 per 100 euro, is calculated on the basis of the central rate vis-à-vis the D-mark. The standard ERM II fluctuation band is +/-15 per cent, but participating countries may agree on a narrower band, as in Denmark's case. The Danish band is +/- 2.25 per cent. After Greece adopted the euro on 1 January 2001, Denmark is the sole participant in ERM II.
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