BIS central bankers’ speeches  5  Converging to the 2 percent medium- to long-term inflation expectations A number of other advanced economies successfully lowered their medium- to long-term inflation expectations from the high levels in the 1990s, and those expectations gradually converged to more or less 2 percent. Such a decline also coincided with a drop in actual inflation.
There is a consensus among central banks that this phenomenon is closely associated with the establishment of central bank independence and the adoption of inflation targeting (or a framework to emphasize price stability). In the case of the United Kingdom, for example, the Bank of England (BOE) adopted inflation targeting in 1992, with the initial target being set in the range of 1–4 percent.