  It is argued that the low-energy dynamics of $k$ monopoles in N=2
supersymmetric Yang-Mills theory are determined by an N=4 supersymmetric
quantum mechanics based on the moduli space of $k$ static monople solutions.
This generalises Manton's ``geodesic approximation" for studying the low-energy
dynamics of (bosonic) BPS monopoles. We discuss some aspects of the
quantisation and in particular argue that dolbeault cohomology classes of the
moduli space are related to bound states of the full quantum field theory.
