Forward-looking monetary policy is the foundation for the Bank’s achievement of its objective of price stability. In order for monetary policy to be forward-looking, the Bank must assess the short- and long-term economic outlook and the key uncertainties that could affect its forecasts. The Central Bank’s macroeconomic and inflation forecasts are prepared four times a year over a horizon of three years and are published internally. The forecasts are based on an in-depth analysis of economic developments and prospects at the time they are prepared.