6  The main legacies from that period were therefore a renewed focus on price stability as the lodestar of monetary policy, and the importance of central banks’ independence. These fundamental concepts are still alive in essence.
However, with regard to how they were applied, in the years following the great disinflation, pursuing quantitative money growth targets gradually became less relevant empirically, in theory and in central bank practice. As intuitive as it may seem in the abstract, starting in the late 1980s, the relationship between prices and the quantity of money actually became rather elusive.