In all industrialised countries, monetary policy is now being managed by (more or less) independent central banks with the key objective of maintaining price stability. Monetary financing of the public sector is excluded. Monetary stability is protected by law and social consensus. How would Hayek, if he were alive today, see EMU and the ECB?
Let me hazard what is probably a somewhat biased and speculative answer. The route to monetary union taken by member governments 19 20 21 22  Friedrich von Hayek, 1978, op. cit. Friedrich von Hayek, Law, Legislation and Liberty, University of Chicago Press, 1979. Friedrich von Hayek, The Fatal Conceit: the Errors of Socialism, Routledge, 1988.