SPEECH - In a speech on 'Monetary policy and the current monetary situation' Ingimundur Fririksson of the Central Bank of Iceland said the central bank adopted an inflation target as the main pillar of its monetary policy, abandoning the fixed exchange rate at the same time. There is little point, he said, in setting objectives for monetary policy which cannot be achieved. Such an arrangement has been successfully introduced in other countries allowing these central banks to concentrate on one