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- W4376056751 abstract "The article characterizes shocks and energy crises in the modern global economy. International markets have periodical changes of supply and demand conditions, supply chains disruptions which causing prices volatility. Global shocks during the COVID-19 pandemic led to a slowdown in the economies, disruptions in global supply chains and a drop in demand and prices for raw materials and energy resources. Russia's war in Ukraine became a global shock and provoked consequent social, migration, economic, financial, logistical shocks. Such shocks as a result of russian military aggression in Ukraine caused global crises – energy, food and financial. International supply and demand shocks affected the nature and outcomes of the European energy crisis. During pandemic since 2020 the energy consumption contracted therefore the demand shock has raised and affected energy prices decrease. Russian aggression in Ukraine in 2023 caused global market uncertainty. supply shocks and prices increase. Especially there was a sharp increase of prices on the energy markets of Europe, which caused significant economic consequences for business and households. Increase in energy prices and market volatility affected inflation, business and population in Europe. The consumer prices inflation in the Eurozone mostly grown since mid-2022 in time of the high energy prices. From the beginning of 2023 the inflation in Europe is gradually reducing following the contraction of energy prices, but forecasted to remain on the relatively high level. At the same time, global factors make it possible to diversify energy sources and overcome the crisis. The energy prices analysis have theoretical and practical significance for the stability of the economy. The principles of solidarity are implemented in the energy sector, in particular in the development of the European Energy Community, to which Ukraine has also joined. The European energy crisis led to improve the efficiency of energy utilization, supply regulation, energy saving, technological progress and the development of alternative energy. The balanced short-term and medium-term measures should be implemented to support energy prices stability." @default.
- W4376056751 created "2023-05-11" @default.
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- W4376056751 date "2023-01-01" @default.
- W4376056751 modified "2023-09-29" @default.
- W4376056751 title "EXTERNAL SHOCKS AND EUROPEAN ENERGY PRICES" @default.
- W4376056751 doi "https://doi.org/10.32782/business-navigator.71-2" @default.
- W4376056751 hasPublicationYear "2023" @default.
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