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Article: ECB chief warns against oil shock Suppliers, workers and consumers all must act 'properly'
- Article from:
- International Herald Tribune
- Article date:
- June 10, 2008
- Author:
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Carter Dougherty The New York Times Media Group
International Herald Tribune
06-10-2008
ECB chief warns against oil shock Suppliers, workers and consumers all must act 'properly'
Byline: Carter Dougherty The New York Times Media Group
Edition: 4
Section: NEWS
PARIS --
The president of the European Central Bank, Jean-Claude Trichet, on Monday called on oil producers and consumers to learn from past mistakes if Western economies were to avoid a repeat of the high inflation and unemployment that followed the first global oil shock in 1973.
That year is widely acknowledged as an economic watershed, a time when an OPEC oil embargo led to a spiral of higher prices, recession in Western economies ...
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