Most people at the conference felt that the relationship between the growth in money aggregates and inflation was so unstable, at least over policy-relevant periods, that for central banks to focus exclusively on such aggregates was likely to produce a very unstable inflation rate.
It was also argued that virtually no central banks today (the Swiss National Bank being a possible exception) do focus exclusively on money aggregates, for precisely this reason. Most of those at the conference also accepted that using monetary policy to maintain a nominal exchange rate peg, or even a nominal exchange rate ‘zone’, was fraught with danger.