The FPB’s studies take the regional dimension of the Belgian economy more and more into account. In October 2005, a new project (HERMREG) was launched in cooperation with the Belgian Regions. The project is aimed at building a regional macrosectoral model that is consistent with the national macrosectoral model, HERMES, which is used by the FPB to produce its medium-term outlooks. The new instrument should provide macrosectoral forecasts for each Belgian Region over a period of five to six years. These could provide a basis for variant analyses.