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Mr Heikensten speaks on monetary policy with a focus on exchange rate Speech by the Deputy Governor of the Bank of Sweden, Mr Lars Heikensten, to Riksbank’s primary dealers in Stockholm on 19 April 1999. Since November 1992, when the defence of the krona’s fixed exchange rate was abandoned, much of the discussion concerning monetary policy has involved the exchange rate. At this traditional meeting with the Riksbank’s primary dealers, I should like to consider four issues connected with Sweden’s currency. One of these issues is the function of the krona in a monetary policy regime that targets inflation with a flexible exchange rate. Another issue is the actual path of the exchange rate in recent years and the conclusions it warrants. The euro’s introduction at the beginning of January has revived the question of Sweden’s participation in EMU; this raises the other two issues, namely the process towards ERM membership, if this is envisaged, and aspects of setting the future ERM rate that would then ensue. Monetary policy significance of the exchange rate The floating exchange rate regime that was introduced for the Swedish krona in November 1992 was regarded by many people as a fairly temporary arrangement. They considered that for Sweden, as a small country dependent on foreign trade, a fixed exchange rate was most advantageous, so the Riksbank ought to try to reintroduce a fixed rate regime as soon as possible.