The impact of the oil price on the EU economy
This lunchtime event explored the potential impact of oil price changes on the EU economy.
The price of crude oil has dropped by about 40% compared to last year, which has raised hopes of an economic dividend for the EU. This could be supported by the apparent relationship between oil prices and GDP in many oil-importing economies over the past 60 years.
We welcomed Lutz Kilian, University of Michigan, who has published extensively on oil prices, oil shocks and the links between oil and the wider economy. He presented his research, before Georg Zachmann chaired a discussion with the audience and the European Commission’s Cristiana Belu Manescu.
- Lutz Kilian, professor of economics, University of Michigan
- Cristiana Belu Manescu, economic analyst, European Commission DG ECFIN
- Chair: Georg Zachmann, research fellow, Bruegel
- Georg Zachmann‘s blog post arguing that the impact of a low oil price on EU growth might be limited
- Jim O’Neill‘s predictions about the price of oil and its effects on the world economy
- Jérémie Cohen-Setton‘s review of online debates about the effect of oil prices on inflation