Spain has come out as the poster child for effective ECB policy, where declines in interest payments have actually outpaced the drop in interest earnings since 2008, helping Spaniards service their high stock of household debt - averaging around 120 percent of gross disposable income, compared to euro zone average of just under 100 percent.
However, in Italy, however, the drop in household interest earnings has slid over twice as much as the drop in interest payments. That's thanks to the fact that Italian hold a relatively large amount of interest bearing assets, like deposits and bonds, relative to their income. They've held much lower proportions of household debt, worth just over 60 percent of gross disposable income.
Since 2008, interest-bearing assets have been worth about 160 percent of households' gross disposable income in Italy, compared to less than 120 percent in Germany.
"(This report) makes a fair point very plainly," Jack Allen a European economist at Capital Economics told CNBC by phone on Tuesday. "Generally speaking this comes amid lots of criticism of loose monetary policy from Germany, where they've said the lower level in interest rates and further monetary easing have depressed earnings on saving and assets, which is bad for consumers and spending."
While Germany has complained about European monetary policy, Allen suggests the country is in part to blame. Interest rates have been slashed in an effort to boost inflation, which has been low in part due to the German government's "unwillingness to loosen the purse strings" in an effort to encourage economic expansion.
The next ECB interest rate decision will be announced July 7.