  We obtain the local existence and uniqueness for a system describing
interaction of an incompressible inviscid fluid, modeled by the Euler
equations, and an elastic plate, represented by the fourth-order hyperbolic
PDE. We provide a~priori estimates for the existence with the optimal
regularity $H^{r}$, for $r>2.5$, on the fluid initial data and construct a
unique solution of the system for initial data $u_0\in H^{r}$ for $r\geq3$. An
important feature of the existence theorem is that the Taylor-Rayleigh
instability does not occur.
