Jens Thomsen: How does the individual member state design an appropriate stabilisation policy in a monetary union? Panel statement by Mr Jens Thomsen, Member of the Board of Governors of the National Bank of Denmark, at the 3rd ECB Central Banking Conference, Frankfurt, 22 October 2004.
*  *  *  Having pursued a fixed-exchange-rate policy for many years, Denmark has gained extensive experience in this area. The present central rate was fixed in January 1987. Some of this experience is also relevant in relation to the new EU member states’ participation in ERM II.