The only thing that is certain is that it will never happen because there will always be new shocks.
It is a concept. We have to put something in our model and, in the interest of transparency, we publish our neutral rate estimates. Once a year, we update our neutral rate estimates and the potential rate of economic growth.
Compared to our last report, our neutral rate estimate is now 25 base points higher. It is in the range between 2.25% and 3.25%, with 2.75% being the midpoint.
I want to be clear that it does not have much impact on our monetary policy decisions from year to year. It is actually a concept that applies in the longer term. In the short term, we focus mainly on the measures we have already discussed.