The euro zone has an external surplus and is deindustrialising: Why? What conclusions can we draw?

We are currently seeing that the euro zone: Has a considerable external surplus; But is deindustrialising. How is this possible? Because there is too much savings in the euro zone (espe cially in Germany and the Netherlands) and not enough investment (due to the decline in investment in the other euro-zone countries that are confronted with the halt to capital mobility between the euro-zone countries). The consequence is that based on the euro zone’s external surplus, we should absolutely not conclude that there is a real undervaluation of the euro's exchange rate.