BIS central bankers’ speeches  recent rise owes a great deal to the depreciation of the euro and the strong decline in oil prices. Moreover, Germany is an ageing society, so it has good reason to engage in precautionary savings.
If those savings were invested in other euro-area economies – or even outside the euro area – everyone would benefit – provided the funds were invested in projects generating an adequate return. Should more funds be invested in Germany? That’s something I would wholeheartedly welcome, but the disclaimer remains the same: the funds should only be invested in sensible projects.