In 2001 the Danish National Serum Institute published a study concluding that a longer period of waiting for pregnancy, i.e. a state of reduced fertility was not evident among women with a low or moderate alcohol consumption than among those who abstained entirely. A low alcohol consumption was defined as 0.5 - 2 units of alcohol per week and moderate consumption as 2.5 - 14 units per week. In Denmark a unit corresponds to a glass of red vine.
The National Serum Institute also investigated the risk of premature birth and spontaneous miscarriage in connection with alcohol consumption during pregnancy. The results of this study are more unambiguous, since they demonstrated that a consumption of more than 7 units of alcohol per week led to a doubling of the risk of premature birth or spontaneous miscarriage. Women who drink less than 4 units of alcohol per week however ran no increased risk of premature delivery compared to women who drink no alcohol at all.
Reference
Katrine Albertsen, Anne-Marie Nybo Andersen, Jørn Olsen, and Morten Grønbæk. Alcohol Consumption during Pregnancy and the Risk of Preterm Delivery. Am J Epidemiol. 2004;159:155-161