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%.

The European Central Bank may still be several interest rate cuts away from the level where it stops holding back economic growth, it said in a paper on Friday, though it downplayed the significance of the latest estimate.

The European Central Bank will scrutinize economic data when deciding how far to lower borrowing costs, and won’t spend too much time thinking about the so-called neutral rate that’s often touted as a guiding star,