And so, to conclude, while we hope for the soft landing, we are also prepared for worse outcomes. Thank you. 11 Neutral rates can change over time. Although the QPM steady state is 2.5%, the neutral rate was  estimated at 2% for both 2020 and 2021, and 2.3% for 2022.
Several economists question the effectiveness of QE in Europe: banks are still not in good shape; the euro area now has lower interest rates than the United Kingdom and United States at the time; and Europeans have fewer financial assets. How do you answer that? QE comes in addition to all the other measures of monetary policy accommodation.