Another theory attributes the fall in the personal savings rate to the generally low level of real interest rates in recent years. This particular theory has both supporters and detractors in the economics profession. Whether raising the rate of return on savings raises or reduces savings propensities remains an open question.
Such as during the upheavals in the European Monetary System in 1992-3. At that time the Dutch flatly rejected preconditions on the part of others for the purpose of separating – at least for a while – the guilder from the D-Mark. The D-Mark/guilder duo held up, even in hard times.