For instance, two factors that have contributed to a decline in the long rate over the last fifteen years have been the decision by emerging economies (most prominently, China) to hold substantial quantities of advanced-economy safe assets (especially US treasuries) and the impact of the global financial crisis on desired investment and savings rates.
It will be interesting to see whether the experts in our afternoon session conclude that there is a need for active policy measures by the German authorities. And I am curious to learn what measures would be seen as appropriate, if any. After all, the German surplus is the result of millions of decisions made by enterprises and consumers in Germany and abroad.