Foreword
Danmarks Nationalbank is the central bank of Denmark. Danmarks Nationalbank was established in 1818 and has
been a self-governing institution since 1936. The legal basis for the Nationalbank's activities is the Nationalbank Act of
1936, according to which the Nationalbank's objective is to maintain a safe and secure currency system in Denmark,
and to facilitate and regulate the traffic in money and the extension of credit. In its formulation of monetary policy the
Nationalbank is independent of the Folketing (Parliament) and the Government.
In March 2000 it was announced that a referendum would be held on Denmark's adoption of the euro. For more than
10 years Danmarks Nationalbank has been involved in issues related to the Economic and Monetary Union. The
Nationalbank has stated during this period that Denmark's adoption of a common currency would secure the
framework for a stability-oriented economic policy. At the same time, by relinquishing its formal authority, Denmark
would achieve real influence on the monetary policy which in any case is so vital to Denmark.
The outcome of the referendum was a rejection of Denmark's adoption of the euro. Since then, the Nationalbank has
emphasised that the fixed-exchange-rate policy is to continue unchanged within the framework of ERM II.
The Report and Accounts of Danmarks Nationalbank comprise a presentation and description of the bank's Accounts
for the year 2000, and the Report of the Board of Governors. The Report of the Board of Governors presents recent
trends in the Danish economy, the monetary and foreign-exchange-rate policy, the monetary policy of the European
Central Bank, and the development in financial and foreign-exchange markets, as well as a review of international
monetary cooperation, together with the bank's other areas of operation and its organisation.
In the Monetary Reviews the Nationalbank publishes articles on recent trends in a number of areas – including the
Danish economy, monetary policy, financial conditions, statistics, banknotes and coins, payment systems and Economic
and Monetary Union.
| 
