What we learned back then was that price stability does not run counter to economic prosperity but complements it. This has proved to be one of the key economic policy lessons of the past thirty years. The decision to make central banks independent of government instructions was a resounding success in fighting inflation.
And the level of public debt no  2  BIS central bankers’ speeches  longer appears to have influenced inflation levels over the past few decades, at least in the industrial countries. Yet to conclude from this that an independent monetary policy alone is a sufficient condition for stable money would, in my view, be premature, if not to say naive.