On December 16, news reported that Pierre Wunsche, Council Member of the European Central Bank and Governor of the National Bank of Belgium, stated that the investors' bets on the European Central Bank's rate cuts are relatively consistent with the assessments of policymakers. When asked about the possibility of making 4 to 5 more cuts of 25 basis points at the current level of 3%, Wunsche said, "Overall, we feel satisfied." He warned that as borrowing costs approach the neutral level that neither constrains nor stimulates the economy, this pricing may change again. Wunsche stated, "There is a relatively broad consensus that we need to remove restrictions and will likely move closer to neutral. But we do not know where that is. When you look at the estimates, the confidence intervals are very wide, therefore repeated experimentation is necessary."