The question is knowing what function to assign to a euro area budget. Personally, I think that the stabilisation function for a country facing an economic shock is appealing in terms of economic theory, but I’m sceptical at the political level.
It does not seem in any significant way to be related to the introduction of the euro and the Danish fixed-exchange-rate policy vis-à-vis the euro. The period since the introduction of the euro has also witnessed a number of major cross-border mergers involving Danish banks.