While constant money growth was no longer pursued, and the objective of monetary policy, in accordance with the Treaty and the Statute, was defined in terms of the inflation rate (initially ‘below 2 per cent’), in line with the other major central banks, monetary aggregates retained a significant role as a signal of inflationary pressures (the ‘first pillar’ of the analysis).
In fact,  23 24 25  26  M. Goodfriend, cit. M. Woodford, ‘How Important is Money in the Conduct of Monetary Policy?’, NBER Working paper, 13325, 2007. See, for example, J.B. Taylor, ‘Discretion Versus Policy Rules in Practice’, in Carnegie-Rochester Conference Series on Public Policies, 39, North-Holland, 1993. See also Taylor’s preface to A Monetary History, discussed here today.