Is the income transfer caused by the very low interest rates in the euro zone efficient?

The euro zone’s very low interest rates obviously lead to an income transfer from lenders (lending households, banks) to borrowers (borrowing households, companies, governments). It is generally thought that this transfer is efficient: borrowers have a higher propensity to spend than lenders, so domestic demand is stimulated. But in reality, there may be serious questions over the efficiency of this transfer: Banks are weakened, which may reduce credit supply; Borrowing households’ additional purchasing power has the primary effect of driving up real estate prices: the volume of housing construction does not increase; the household savings rate rises; The re is not much point in higher corporate profits when companies are self-financ ing their investment and us ing their funds to build up cash reserves. The improvement in the budgetary situation of governments has been used to increase current fiscal deficits but not public investment.