See Christensen and Topp (1997) for a detailed account of the Danish monetary-policy instruments and various liquidity measures that can be implemented in the event of serious foreign-exchange unrest. The fixed-exchange-rate policy and Danmarks Nationalbank’s unconditional willingness to support the exchange rate are firmly embedded among participants in the foreign-exchange market as well as among Danish exporters and importers.
The large commercial banks’ speculative behaviour in the foreign-exchange market acts as a stabiliser. If the krone lies on the weak side of the parity, the commercial banks will position themselves in support of the krone, and they will furthermore advise their customers to purchase krone e.g. sell export proceeds in foreign currency.