Conservative is not the same a stoic. Germans have invested a great deal in training and apprenticeships and other economic mechanisms for personal development. Combining that with the grotesque profiteering by German banks that leveraged the defective economics of the Euro, and you get capital flows in the right direction.
They did not engage in austerity (e.g. “saving”), because the interest on the debt of the rest of the Eurozone was inflating their economy just fine. Contrast that with other countries in the Euro that engaged in austerity and witness the effect of conservative economic policies.