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🌏 | US EU confirms cooperation in ensuring energy security in Europe


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Confirmation of cooperation between US EU and Europe to secure energy security

 
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In a joint statement, the two leaders said, "The United States and the EU will continue to supply natural gas to the EU through a wide range of sources around the world to avoid supply shocks, including the possible consequences of Russia's further invasion of Ukraine. And we will work together for a sufficient and timely supply. "
 

[Washington, XNUMXth, Reuters] – US President Joe Biden and European Union (EU) executive body / European Commission von ... → Continue reading

 Reuters


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Supply shock

In economicsSupply shock(British: supply shock) Is a sudden event that changes the supply of goods and services and changes the prices of goods and services.In other words, supply shock is an event that shifts the aggregate supply curve.A supply shock can be caused by a sudden increase or decrease in the supply of a particular good.Sudden changes such as supply shock affect.

In the short term, a negative supply shock reduces production, raises prices and shifts the total supply curve to the left.[1]..In the short term, negative supply shocks are due to a combination of lower production and higher prices.StagflationCause of[2]..Damage to oil field facilities due to natural disasters or accidents (rising crude oil prices) can be considered as a negative supply shock.[3]..A positive supply shock increases production, lowers prices and shifts the total supply curve to the right.[2]..A positive supply shock is, for example, ((English edition) Can be considered.Technological progress makes production more efficient and increases production.Other positive supply shocks include lower crude oil prices and unusually good weather.[2].

Past supply shock cases

According to Watanabe, Hosono, and Yokote (2003), the first oil crisis (October 1) is a major example of an actual supply shock.[4]..Crude oil prices have risen sharply due to the oil supply crisis triggered by the Yom Kippur War.As a result, the prices of petroleum and petroleum-related products rose, and in 4 (Showa 1974), Japan's consumer price index rose by 49%.At this time, the word "crazy prices" was born.

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References

  • Czech, Brian, Supply Shock: Economic Growth at the Crossroads and the Steady State Solution. (Gabriola Island, Canada, 2013)
  • Tsutomu Watanabe, Kaoru Hosono, Mariko Yokote (2003), “Supply shock and short-term price fluctuations”, RIETI Discussion Paper Series 03-J-008 (Research Institute of Economy, Trade and Industry)
  1. ^ Robert Hall, Marc Lieberman (2012), Economics: Principles and Applications, Cengage Learning, p. 849 .
  2. ^ a b c Robert Hall, Marc Lieberman (2012), Economics: Principles and Applications, Cengage Learning, p. 850 .
  3. ^ Takuji Fueki, Takuji Kawamoto (2009), “Factors of fluctuations in crude oil prices in recent years-estimated by structural VAR-", Bank of Japan Review (Bank of Japan): 4 .
  4. ^ Tsutomu Watanabe, Kaoru Hosono, Mariko Yokote (2003), “Supply Shock and Short-term Price Fluctuations”, RIETI Discussion Paper Series 03-J-008 (Research Institute of Economy, Trade and Industry): 5.

Communiqué

Communiqué(France: Communiqué)documentsbyCountryStatement or statement that announces its progress at an official conference.Joint statementIt is sometimes translated as. There is a unilateral declaration of intention from one country to another, and there is an agreement of intention among multiple countries. In the latter case, there is a broad sense.TreatyIs regarded as

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Shanghai Communiqué


 

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