Britain, Denmark and ‘Countries with a Derogation’

Malcolm Crawford

Chapter 18 in One Money for Europe?, 1996, pp 319-337 from Palgrave Macmillan

Abstract: Abstract Protocols were added to the treaty at Maastricht to enable the United Kingdom and Denmark to choose whether to join the proposed monetary union. In contrast to the generally compulsory terms of the treaty, both countries were allowed to decide whether or not to join. In June, 1992, Denmark held a referendum on Maastricht, as its constitution required, and despite the existence of the opt-out protocol, of which a majority of its electors were apparently unaware, the treaty was rejected. After a promise by the government that it would immediately exercise its opt-out, and to seek concessions on the other issues in the referendum debate (mainly citizenship and the common foreign and security policy), a second referendum yielded an affirmative result, and Denmark ratified the treaty.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Central Bank; Prime Minister (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-25035-6_18

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DOI: 10.1007/978-1-349-25035-6_18

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