Danes still against euro – survey

Danske Bank’s latest EMU poll shows that Danes against adopting the euro are clearly in the majority, with a lead of 39.5% over those who support ditching the DKK.

The lead has narrowed slightly since an all time high gap of 44.6 percentage points between the ‘No’ and ‘Yes’ camps seen in December 2011.

However, the Danish bank says that the scepticism shown by Danes polled for the research has been strengthened over the past year because of the European debt crisis and events in peripheral EU member states such as Greece.

“Looking solely at those voters who feel fairly certain about how they would vote if an EMU referendum were held now, we note that the ‘No’ lead was unchanged, at 39.5 percentage points. Thus, a total of 17.2% would be certain ‘Yes’ voters, while 56.7% are fairly sure they would vote ‘No’. Those in doubt are split roughly fifty-fifty between’Maybe Yes’ and ‘Maybe No’.”

“The poll taken in June was only the fourth Danske Bank EMU poll so far that showed more than half of Danes as certain that they would vote ‘No’, which illustrates the current tailwind for the ‘No’ camp.”

Danske Bank chief economist Steen Bocian, who reported on the findings, added: “As well as the European debt crisis, the ‘No’ surge is probably also due to the Danish central bank having narrowed the policy interest rate spread to the eurozone over the past year to an extent that has left the rate spread in negative territory. Hence, the costs of not being part of the eurozone appear significantly less now than just three years ago, when the rate spread briefly touched 175bp.”

“The Danes are not likely to be asked to vote again on joining the euro in the near future, so we do not expect a referendum to be called during the term of the current parliament.”

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