ABSTRACT
The Economic and Monetary Union (EMU) works as a barrier against grave policy mistakes which otherwise might indeed endanger a Nordic welfare state — and which in the past actually have brought the Danish one 'to the brink of the abyss'. For instance Hardy Hansen, the former chairman a union which organizes unskilled and semi-skilled workers, was quoted as having said that EMU gives priority to market forces, at the expense of social justice for ordinary Danish citizens. All in all, the Danish experiences seem to indicate that the 'euro policy' has been beneficial to the development of the welfare state and employment. Dollar fluctuations therefore implied European monetary instability. The point that the Maastricht Treaty stipulated that price stability is to be the major aim of the monetary policy, has been repeatedly and massively criticized. According to these critics, employment should be the main target, or at least of equal importance.
