Monetarism is about money, but money plays no explicit role in today's consensus macro model, and it plays virtually no role in the conduct of monetary policy, at least in the United States. The conclusion appeared to be, therefore, that monetarism has had no influence on either macroeconomics or monetary policy.
We have to discuss this important issue in the Basel Committee, recognise that there are no risk-free assets and calibrate the rules properly. Sensible rules and adequate transition periods can help mitigate all related risks. BIS central bankers’ speeches  3