Why has the expansionary monetary policy not put an end to the situation of excess savings in the euro zone?

After five years of very expansionary monetary policy, the euro zone still has significant excess savings over investment. Why has the euro zone’s expansionary monetary policy not eliminated this saving surplus? We can think of two explanations: The expansionary monetary policy has been ineffective in pushing down the private savings rate and in driving up the investment rate; The effects of the expansionary monetary policy have been cancelled out by the euro zone’s restrictive fiscal policy, due in particular to Germany and the Netherlands. Both of these explanations are relevant .