Friedrich Hayek discusses Milton Friedman's Monetarism and monetary policy.

For more on Hayek's ideas on monetary policy see
Choice in Currency: A way to stop inflation
(for a concise summary) at

http://www.iea.org.uk/publications/research/choice-in-currency-a-way-to-stop-inflation

or see The Denationalisation
of Money for a more a more detailed proposal at

http://www.iea.org.uk/sites/default/files/publications/files/upldbook431pdf.pdf

This is an excerpt from a longer interview which can be found here http://www.vimeo.com/4063439