In the EU, work on this was kicked off in 2016 with an initiative launched by the finance ministers 2/5  BIS central bankers' speeches  of the United Kingdom and Germany. As this topic has also kept us at the Bundesbank very busy, we had our say a short time later by presenting initial concrete proposals for increasing proportionality in Europe.
First, the CPI has an upward bias -- a tendency to demonstrate a relatively high inflation rate compared with the actual price developments. Second, it is better to secure room for interest rate cuts as a policy response in the case of a decline in economic activity. Third, setting the inflation target at 2 percent has been a global standard.