BIS Review 53/2002  1  While participation in ERM I and ERM II have been beneficial to the Danish economy in its own right, these exchange-rate systems and the successful introduction of the euro should be viewed in a much broader context than from a purely monetary policy perspective.
EU member states co-operate on a large range of political and economic issues and have set up a common legal and institutional framework, of which the ECB is only one example. This probably contributed to a smooth transition to a common monetary policy.