 The loss of autonomy in monetary policy in Denmark is not significant, as Denmark has had a fixed exchange rate since the end of the Second World War and has participated in several monetary cooperation systems.Therefore, the adoption of ERM II is not a change in this sense or a loss of autonomy in monetary policy as it has been limited since the creation of the Bretton Woods system.Denmark has even gained more influence in the decision-making process through the EU and the ERM II than it had in previous monetary systems.