That said, a surplus of 8% of GDP, which is the level we are seeing today, cannot be put down to demographics alone. Likewise, the low oil price, which has diminished the cost of imports, and the expansionary monetary policy explain only part of the high surplus. It is striking that, for a long time, German enterprises built up high levels of savings.
In particular, the World Bank has noted that countries which have national strategies for financial inclusion have recorded higher average growth rates for financial access compared to others. I have been repeatedly asked – why is an NSFI important? Well, the NSFI provides a platform for coordination among the many stakeholders with important roles in financial inclusion.