Euro zone: Has the neutral real interest rate become very negative?

The ECB’s latest announcements seem to show that it will keep interest rates very low. Given trends in euro-zone inflation and unemployment, if the ECB used the same rule for interest rate formation now as in the past, it should have chosen a repo rate of between 1.5% and 2.5% and not 0%. One interpretation of this "anomaly", this apparent change in the ECB's behaviour , is that the neutral interest rate is much lower than in the past. The neutral interest rate is the real interest rate that balances savings and investment in the long term (when inflation is stable and equal to expected inflation and the unemployment rate is equal to the structural unemployment rate). This interpretation is reasonable, given the trend in savings and investment in the euro zone since the crisis. The equilibrium real interest rate is therefore now apparently -1.2% in the euro zone, calling for a n ECB nominal interest rate of zero, which is very bad news since monetary policy’s capacity to react to a shock has disappeared .