The Danish krone, also denoted by DKK, is the currency used in Denmark and the Danish dependency of Greenland. The krone, subdivided into 100 ore, is closely pegged to the euro. Prior to the introduction of the euro, the DKK was pegged to the German Mark.
The Danish krone was first established in 1873. This was a result of the disbanding of the Scandinavian Monetary Union. The initial parties of the monetary union were the Scandinavian countries of Sweden and Denmark, with Norway joining two years later.
The name of the common currency was the "krone" in Denmark and Norway, and the "krona" in Sweden, which literally means "crown" in English. After the dissolution of the monetary union Denmark, Norway, and Sweden all decided to keep the name of their separate currencies. Denmark choose to opt out of the Maastricht Treaty that would allow the country to preserve the krone while the majority of the European Union adopted a common currency known as the Euro.
Aaa, 23 Aug 1999
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Denmark became a constitutional monarchy through the adoption of a new constitution in 1849. The monarch acts as the head of state, which is for the most part a ceremonial role since executive power is exercised by the cabinet ministers. Among the cabinet executive branch, the prime minister acts as the first among equals. Legislative power is vested in both the government and the Danish parliament, which consists of 179 members. The Danish Judiciary is independent of the executive and legislature. Parliamentary elections are held at least every four years but the prime minister, at his discretion, may make the time interval between elections shorter.
Chief of State Queen MARGRETHE II (since 14 January 1972); Heir Apparent Crown Prince FREDERIK, elder son of the monarch (born 26 May 1968)
Head of Government Prime Minister Lars Loekke RASMUSSEN (since 5 April 2009)
Cabinet Council of State appointed by the monarch
Elections the monarch is hereditary; following legislative elections, the leader of the majority party or the leader of the majority coalition is usually appointed prime minister by the monarch
Key Economic Factors
Denmark has a modern market economy that features high-tech agriculture, up-to-date small-scale and corporate industry, extensive government welfare measures, comfortable living standards, a stable currency, and high dependence on foreign trade. Denmark exports food and energy while enjoying a comfortable balance of payments surplus.
Food processing, machinery and equipment, textiles and clothing, chemical products, electronics, construction, furniture and other wood products, shipbuilding and windmills.
Major Trading Partners:
Germany, Sweden, the UK, and the US.
Machinery and instruments, meat and meat products, dairy products, fish, chemicals, furniture, ships and windmills.
Machinery and equipment, raw materials and semimanufactures for industry, chemicals, grain and foodstuffs and consumer goods.