Accessible summary : Energy crisis pushing up general price level – Adverse impact on economic growth still to come

Abstract

Energy prices have risen substantially within the euro area. Natural gas and electricity, in particular, have become more expensive as a consequence of Russia’s war in Ukraine. The effects of the energy crisis on the economy of the euro area could be prolonged. The euro area countries purchase a significant share of their energy from outside the euro area. In 2020, this imported share was more than 60% of the total energy consumed in the euro area.