Germany is obsesed with having a trade surplus in good & services. Every Euro that ends up in a bank is one less euro that might be used to buy foreign goods.

Germany is obsesed with having a trade surplus in good & services. Every Euro that ends up in a bank is one less euro that might be used to buy foreign goods. So they repress spending and the money having no where else to go ends up sitting in a vault or paying for US securities.