For example, oil prices could move markedly higher or lower as a consequence of geopolitical developments, changes in production capacity, or shifts in the growth outlook of the EMEs.
Formulation and conduct of monetary policy for price stability In carrying out its responsibilities under increased independence, the Central Bank has to perform and be more accountable and transparent to the Parliament and the public. Before 2000, monetary policy was formulated for a year horizon and announced in the first quarter of each year.