The federal funds rate is considered by most as the single instrument of monetary policy, now that everyone seems to have forgotten about money growth as a more important instrument and measure.

FORBES: Through the FOMC's Looking Glass: An Orgy of Transparency

The most potent criticism is that aiming for exchange-rate stability compromises the central bank in its task of controlling inflation one instrument (monetary policy) is being asked to do two things.

ECONOMIST: Off target

France regarded the Deutschmark as an instrument of economic terror, forcing it either to shadow the Bundesbank's monetary policy or to devalue the franc.

ECONOMIST: Germany's role in the world