The macroeconomic policies of one economy affect the savings or expenditure of other countries. Trade and finance link all economies in a specific way. Not all economies can have a surplus. The relation between savings and investment or expenditure and domestic production is not unilaterally determined.
When the interest rate on so much of their mortgage portfolio is fixed at a very modest (tracker) spread over the ECB’s policy rate, some banks have found that even the performing part of their mortgage book as a whole may be unprofitable given their increasing cost of funds in the market.