Prospects for an early Danish referendum on the euro seem further away than ever Tuesday, with the latest quarterly euro barometer from Danske Bank showing 50.6 per cent against joining the euro and 22.5 per cent in favour.

At the same time, despite official policy from a large majority in Parliament in favour of joining the Single Currency, both the previous and upcoming government have made it clear that a referendum on joining the euro is unlikely to take place soon.

Danske Bank’s September barometer carried out by Statistics Denmark shows a record 22.3 per cent difference between the yes and no camps, compared to a 16.5 per cent difference in June, also in favour of the 'no' camp.

“There is no doubt that the debt problems have increased opposition to joining the monetary union,” Danske Bank Chief Economist Steen Bocian tells pol.dk.

“Since the no camp has traditionally won momentum during an election campaign, everything points to the fact that if a referendum were held today, Danes would answer no,” Bocian says.

Danske Bank says that apart from the debt crisis in southern Europe and Ireland, the increase in the no vote should be seen in the light of the Danish central bank Nationalbanken reducing the official interest rate spread to five basis points.

Denmark voted against joining the euro on Sept. 28, 2000 when 53.2 per cent voted against the common currency and 46.8 per cent voted in favour. Denmark also has several opt-outs to EU treaties, including those on judicial and defence cooperation.

Unlike the euro, political parties on both sides of the political divide have said they would like the judicial and defence cooperation to go to referendum soon.

Denmark is to hold the rotating presidency of the European Union for the first six months of 2012.

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