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SUMMARY A stable reduced order model (ROM) of a linear fluid-structure interaction (FSI) problem involving linearized compressible inviscid flow over a flat linear von Kármán plate is developed. Separate stable ROMs for each of the fluid and the structure equations are derived. Both ROMs are built using the 'continuous' Galerkin projection approach, in which the continuous governing equations are projected onto the reduced basis modes in a continuous inner product. The mode shapes for the structure ROM are the eigenmodes of the governing (linear) plate equation. The fluid ROM basis is constructed via the proper orthogonal decomposition. For the linearized compressible Euler fluid equations, a symmetry transformation is required to obtain a stable formulation of the Galerkin projection step in the model reduction procedure. Stability of the Galerkin projection of the structure model in the standard L2 inner product is shown. The fluid and structure ROMs are coupled through solid wall boundary conditions at the interface (plate) boundary. An a priori energy linear stability analysis of the coupled fluid/structure system is performed. It is shown that, under some physical assumptions about the flow field, the FSI ROM is linearly stable a priori if a stabilization term is added to the fluid pressure loading on the plate. The stability of the coupled ROM is studied in the context of a test problem of inviscid, supersonic flow past a thin, square, elastic rectangular panel that will undergo flutter once the non-dimensional pressure parameter exceeds a certain threshold. This a posteriori stability analysis reveals that the FSI ROM can be numerically stable even without the addition of the aforementioned stabilization term. Moreover, the ROM constructed for this problem properly predicts the maintenance of stability below the flutter boundary and gives a reasonable prediction for the instability growth rate above the flutter boundary. Copyright © 2013 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]