For those hoping for real clarity about what’s next for the ECB, the long-awaited working paper will have been a disappointment. In short, the paper concludes that the neutral interest rate ranges between 1.75% and 3% when using the most recent data between 1.75% and 2.25%.

Economists at the European Central Bank said the neutral rate of interest, a concept that may help determine where cuts in borrowing costs will end, is probably between 1.75% and 2.25%.