In assessing the real risks stemming from the oil prices, one should nevertheless take into account that, when expressed in euro, the recent rise in oil prices has been significantly smaller than during previous oil shocks, for example, in 1973, 1979 and 2000 when oil price increases had a major impact on the world economy.
In addition, in real terms, oil prices are significantly below the peaks they have reached in the past. Moreover, when compared with the 1970s and 1980s, the oil intensity of production in the euro area and elsewhere has fallen significantly.