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%.

European Central Bank interest rates have room to fall further given weak growth and a slowdown in inflation, but uncertainty is so high that any more precise guidance on rates would be unrealistic, Slovak policymaker Peter Kazimir said on Monday.

The central bank cut rates by a quarter point, as it rushes to brace a stagnant economy against President Trump’s threatened tariffs.

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.