The future path of the key policy rate will depend on inflation factors, and in particular on the risks stemming from the international environment and the fiscal policy stance at home.
Chart 1 Inflation projection (y-o-y rates, in %)  Chart 2 GDP growth projection (y-o-y rates, in %) 7  16 14  5  12 3  10  1  8 6  -1  4 -3  2 -5  0 12 3 2009  6  9  12 3 2010  6  9  12 3 2011  6  9  12 3 2012  6  9  IV I 2009  12 2013  II  III IV I 2010  II  III IV I 2011  II  III IV I 2012  II  III  IV 2013  Today we will present in more detail our view of past macroeconomic developments and our expectations for the period ahead.