According to a study by the European Central Bank (ECB), a sustained surge in oil prices would only reduce the growth potential of the euro zone to a manageable extent.

With a longer-term price surge of 40 percent over the next four years compared to 2017 to 2020, the growth potential in the currency area would be around 0.8 percent lower in the medium term, according to an ECB study published on Monday.

According to the experts, this would only be a “limited shock”.

The EU Commission, for example, is assuming an increase in growth potential of around 5.2 percent over the next four years.

According to ECB experts, research into the oil price crisis of the 1970s indicates that there is no clear evidence of long-lasting impacts on an economy's potential output from oil price shocks.

The dependence of the economy on black gold has also decreased significantly since the 1970s.

In 1973, around one barrel of oil was needed to generate around $1,000 in economic output (GDP).

Today less than half is required for this.

"For the economies in the euro area, the decline was probably even greater, as their energy mix is ​​less dependent on fossil fuels," the economists write in their study.

According to the ECB's calculations, a 1% rise in oil prices would reduce the euro zone's medium-term growth potential by around 0.02%.

From the point of view of the ECB experts, a central bank can mitigate the medium-term consequences for growth if it reacts to the inflationary pressure resulting from a rise in oil prices and thereby controls inflation expectations, for example.

"In addition, current technological and economic conditions differ significantly from those prevailing during previous oil price shocks," the experts write.

Production technology can now be adapted more quickly to price changes.

In the meantime, there are also practicable alternatives for energy consumption in transport and in households.