As the ECB slides inexorably towards a liquidity trap, debate focuses on whether it might be prepared to engage in a forward guidance policy that implied a Woodford-style inflation target overshoot. Simon Wren Lewis suggests that a more palatable way for the ECB to implement forward guidance for its hyper-inflation scared Bundesbank veto-wielders [my qualification of the proper noun Bundesbank, not his] would be for them to make promises about the path of money. If I recall correctly, Michael Woodford argues that money quantities could serve as a way to monitor a commitment to lower future interest rates, and correspondingly higher inflation and output. So Simon's proposal is not without precedent.