Or, rather, is it to be taken as a sign that the  Benati (2008b) shows that, over the last two centuries, the low-frequency components of money growth and inflation have exhibited an extraordinarily close co-movement, with a consistent lead of trend money growth over trend inflation by 2-3 years, in the United States, the United Kingdom, Norway, Sweden, Australia, and Canada.
He argues that the resilience of both features to dramatic changes in the monetary regime naturally suggests that they are both structural in the sense of Lucas (1976).