Examine the impact of the international oil-price rise of 1973 on the economies of Western Europe

... Christopher Marshall EH 1602 Tutor: Dr. Smith Towards A New Europe 1939-1992 Examine the impact of the international oil-price rise of 1973 on the economies of Western Europe The international oil-price rise of 1973 had a significant impact on the economies of Western Europe because it was the catalyst that aggravated existing and accumulating problems already present in the economic structure. There had been a decline in world economic growth in the late 1960s, and though there was rapid economic recovery in Western Europe by 1973, the economy was still unstable and had inherited problems. I believe this caused the decline of economic growth. The Organisation of Petroleum Exporting Countries (OPEC) had increased the initial price of oil by four times by 1974. Europe's largest economies were severely hit, and in 1975 recession was widespread for the first time in post-war Europe. Though exports and productivity continued to grow, measures taken to combat

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