(1.88 percent), Greece’s has risen above 5,000 b.p. (50 percent), and Spain’s is about 400 b.p. The slowdown in Europe so far has been relatively moderate, but the problems are expected to affect growth mainly in 2012, when growth in the eurozone is expected to be only 1 percent.
In reality, we are already using the lower cost of renewable energy to cushion the impact of the fossil fuel shock on electricity prices. The high levels of energy inflation currently being observed cannot be blamed on the green transition. They are mainly the result of fossil fuel supply manipulation by Russia.