"The exchange rate is not a policy target, but it is important for growth and price stability, " he said.
The money supply is useful as a policy target only if there is a stable link between money and inflation.
In the case of a gold standard system, the policy target is to create a currency whose value is fixed to gold.
Thus the interest rate that the Fed pays should tend to put a floor under short-term market rates, including our policy target, the federal-funds rate.
"The exchange rate is not a policy target, but it is important for growth and price stability, " Mr Draghi said in response to a question.
He added that a number of campaigners were calling on policymakers and politicians to switch from a target-based policy to schemes that focused on carbon budgets.
My short answer to that is no, for the rather obvious reason that he's already the Governor of a G7 central bank whose approach and policy target is pretty similar to ours.
There's a reason, it turns out, why the monetary policy target most loved, in theory, by academic economists for the best part of 40 years has never made it to the point of actually being used.
With inflation already likely to have peaked and with the ECB predicting a return to beneath the 2% target ceiling the policy adjustment process is becoming less of a factor, while one good shock is all it might take to unsaddle already fragile European confidence that could derail the euro once more.
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Asked about the trend for central banks to look less at inflation-targeting and more at policy areas that affect exchange rates, Mario Draghi, president of the European Central Bank, said earlier this month that the exchange rate was very important "as far as growth and stability" were concerned but was not a policy target for the ECB.
The President revealed that the Middle East is the primary target of his foreign policy agenda.
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The key recommendations on practical solutions for the use of accessible ICTs contained in the report target mainly teachers, policy makers and administrators.
And now Target has implemented a policy of price-matching Amazon for all of 2013 in hopes of slowing the trend to on-line purchasing.
Liz Smith, of the Scottish Tories, questioned whether a blanket free meals policy would target the right pupils, while the Liberal Democrats' Margaret Smith said ministers had "failed to make the case" that the plan was the best way to tackle poor diets.
Doing that without scrapping the inflation target requires much tighter fiscal policy.
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His powerful deputy governor, Yutaka Yamaguchi, favours the first: that the policy's prime target is deflation.
Right now, the Fed is projecting below-target inflation and above-target unemployment, suggesting that monetary policy is too tight.
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The three key elements of this policy remained the adoption of a floating exchange rate system, the anchoring of monetary policy to the inflation target and the acceleration of banking sector reforms, he said.
If inflation one year undershoots its target, that is ignored in setting policy the next year.
And Mr Fraga will have to implement a credible monetary policy based on an inflation target.
Ben Bernanke has always been clear that he supports an explicit inflation target as the central anchor of Fed policy.
It also remains to be seen whether the new policy guidelines will raise the target of service sector contribution to the GDP.
With a further 26% receiving an amber warning that they faced a significant risk their policy would not deliver the target sum, some 3m-4m homeowners are likely to be affected.
He added that inflation was running below the Fed's long-term target of 2% and said current monetary policy was helping to counter "incipient deflationary pressures".
Lastly, the G7 commitment to prevent exchange rate misalignment following the prolonged financial crisis in emerging markets has prompted policy initiatives to create a loose target-zone regime among the dollar, yen and euro.
In particular, observers look for Fed officials to discuss what to do when the program known as Operation Twist ends, as well as to discuss setting numerical targets to signal how long policy-setters will keep the target federal funds rate at essentially zero.
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If fiscal policy cannot be rehabilitated, adopting a target zone comes down to saying that stable currencies are worth the price of somewhat compromising the authorities' ability to use monetary policy in controlling inflation.
The U.S. Federal Reserve has set an employment target for an end to its ultra-loose monetary policy.
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