In summer 2017, the ECB made a surprising move by releasing calculations on the net interest income of households in various EMU countries. According to the ECB's data, the income effects of the low interest rates were low in general (totaling up to 2% of GDP at the most), to the extent of being negligible in Germany. What is more, there were no signs of any pattern emerging with regard to the effects - with more positive effects on the (indebted) "south" of the continent and more negative effects on the (thrifty) "north".