This is a concern for any central bank. It may be that politicians and even central bankers want the discipline to avoid seizing opportunities to expand the economy, with inflationary consequences later on. In the absence of fixed exchange rates you may need something else to act as a nominal anchor. Some people have argued for a nominal GNP target. Legislation in the United States is somewhat vague on what the FOMC is supposed to be doing.
Price stability is currently just one goal on a longer list of objectives.
That's a very good question. My goal, and I hope I'll be successful, is to bring my skills, which derive from my professional training as an economist, to bear in the formulation of financial policy in a such a way that social welfare will be enhanced. I'd like to feel that, at least at the margin, I'd made a difference. I figure that would be plenty to say I'd done a good job. I'd like to take a shot at it.