The 2% inflation target should be subject to public scrutiny and judged against the demands of the moment

 To achieve the disinflationary purge without putting the financial system at risk, the banker to the central bankers, the Bank for International Settlements, is now advocating that fiscal policy must also join the fight, to further squeeze aggregate demand.

To this is where we have arrived in 2023: to bring inflation back to 2 per cent while preserving the banks, common sense insists that we need higher interest rates for longer, plus austerity. And, at this point, you have to ask whether western elites have learnt anything from the last decade and a half.

Adam Tooze FT 29 June 2023

https://www.ft.com/content/2e2c5a23-af05-4124-ac6b-73e34651a5de