Почему дефляция – это хорошая новость для Европы

БРЮССЕЛЬ – В сегодняшней глобальной экономике нет цены важнее, чем цена на сырую нефть. Более 80 миллионов баррелей производятся (и потребляются) ежедневно и большая часть этой продукции продается на международных рынках. Таким образом, резкое падение цены на сырую нефть - от $110 в прошлом году до нынешних $60 - приносят импортерам нефти сотни миллиардов долларов в сбережениях. Для Европейского Союза и Соединенных Штатов, прибыль от этого спада стоит около 2-3% ВВП.

Для Европы, преимущества дешевой нефти могут вырасти в течение долгого времени, потому что долгосрочные контракты газоснабжения являются в значительной степени индексированными к ценам на нефть. Это является еще одним преимуществом для Европы, где цены на природный газ были до недавнего времени в несколько раз выше, чем в США, которые получали выгоду от более дешевой сланцевой энергии.

Однако многие наблюдатели утверждали, что дешевая нефть также имеет и обратную сторону, потому что она усугубляет дефляционные тенденции в развитых странах, которые, похоже, уже погрязли в ловушке низкого экономического роста. Согласно этой точке зрения, резкое падение цен на нефть затруднит достижение ежегодных 2% темпов инфляции у центральных банков этих стран, которые назначили эту 2% мерку для выполнения своего мандата стабильности цен.

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