The HICP was initially created for the assessment of price convergence in Stage Two of EMU and is largely harmonised across euro area countries. It scores particularly high in the above criteria. There is no controversy in that Eurostat provides a high quality price index at international standards.
An important element of discipline should come from the market itself. The adherence to a voluntary code will only come about if firms judge it to be in their interest and take the practical steps to ensure the Code is embedded in their practices. Such practical steps would include training their staff and putting in appropriate policies and procedures.