The Federal Reserve System has a broader economic objective where inflation not necessarily takes centre stage. In 2001 Norway implemented an inflation-targeting regime. This happened gradually after the phasing out of the fixed-exchange-rate policy. Denmark is presently the only Nordic country to pursue a fixedexchange-rate policy, as Finland now participates in the euro area.
It is worth examining whether this has led to more unstable inflation and growth in Denmark and Finland in recent years than in Sweden and Norway, which both have floating-exchange-rate regimes. To this end Danmarks Nationalbank has compared the development in the four Nordic countries after 1996. The results are published in an article in our Monetary Review to be published on 4 December.