Why is the euro zone exporting savings?

Since 2012, the euro zone has been exporting savings, which has weakened its short- and long-term growth. Why is the euro zone exporting savings despite the very low interest rates that should stimulate investment and lead to domestic use of savings? We can think of several reasons: The persistently low level of housing investment in the euro zone despite the very low long-term interest rates; Savers’ preference for risk-free investments at the expense of investment in companies, which are nevertheless more profitable; since the euro zone’s fiscal deficit is low, this is driving savers into foreign government bonds, especially in the United States; Euro-zone savers’ preference for risk-free assets is also obviously explained by the refusal of savers in Germany and the Netherlands to finance investments in the rest of the euro zone.