This strand of research would benefit from additional data to help rigorously test these theories, at the euro area level too. For sure, extra data at a fairly granular level, with a panel dimension to capture effects over time as well, are of interest here.
Micro data from the Household Finance and Consumption Survey (HFCS) are already a step forward and that effort should be continued. For example, these data have allowed researchers at the ECB to mitigate concerns that the APP benefits the wealthy at the expense of the poor2.