The "understanding of medium- to long-term price stability" could change gradually in response to structural changes in the economy, such as progress in economic globalization and in information and communication technology. Therefore, the Bank will, in principle, review it annually. The second element is the employment of two clearly defined perspectives for assessing economic activity and prices when making policy decisions.
From the first perspective, we will examine the prospects for economic activity and prices for one to two years ahead, assessing whether the most likely outlook is for the economy to follow a path of sustainable growth under price stability. Note that the focus is on the outlook.