BIS Review 110/2000  2  Economic theory has taught us, rigorously (consider, for example, the analysis put forward by Patinkin), that even with fiat money the price level can be determinate when the central bank exercises control over the nominal quantity of money.
The EPC has the power to involve stakeholders and consult them on its deliverables. The recently launched Cards Stakeholder Forum is a step in the right direction, even if the exact structure of the group warrants further discussion. There are lessons to be learned from what happens at the national level when attention is paid to the needs of the general public.