Energy Crisis: Protecting Economies and Enhancing Energy Security in Europe and Central Asia

Publication:
Energy Crisis: Protecting Economies and Enhancing Energy Security in Europe and Central Asia

dc.contributor.author	World Bank
dc.date.accessioned	2022-10-04T10:48:07Z
dc.date.available	2022-10-04T10:48:07Z
dc.date.issued	2022-10
dc.description.abstract	This companion piece to the Fall 2022 ECA Economic Update provides an overview of the policy options available to countries to respond to the energy price shock and examines how this crisis could harness the clean energy transition to enhance collective energy security. The options to support energy markets, vulnerable households, and firms will vary, depending on specific country contexts, including exposure to gas and electricity supply risks and the fiscal space available to mitigate their impact. Well-coordinated and calibrated fiscal and monetary policies are needed to manage the impact of the price shock. Countries will also need to consider the implications of any policy choice on the transition to a greener economy and development trajectories. This note is organized as follows. Section 2 provides an overview of the broader economic impact of the energy price shock on economic growth, inflation, and public finances in the ECA region. Section 3 provides policy options to help countries adapt to the energy crisis related to managing both demand and supply. Section 4 presents a set of principles to guide the policy response for supporting vulnerable households. Section 5 presents a set of principles to guide the policy response for supporting firms. Section 6 concludes with a summary of recommendations for dealing with the crisis and transitioning to a greener economy.	en
dc.identifier.doi	10.1596/38101
dc.identifier.uri	https://hdl.handle.net/10986/38101
dc.language.iso	en_US
dc.publisher	Washington, DC
dc.rights	CC BY 3.0 IGO
dc.rights.holder	World Bank
dc.rights.uri	http://creativecommons.org/licenses/by/3.0/igo
dc.subject	ENERGY CRISIS
dc.subject	ENERGY SECURITY
dc.subject	EUROPE
dc.subject	CENTRAL ASIA
dc.subject	GAS AND ELECTRICITY
dc.subject	VULNERABLE GROUPS
dc.subject	HIGH ENERGY PRICES
dc.subject	FIRMS
dc.title	Energy Crisis	en
dc.title.subtitle	Protecting Economies and Enhancing Energy Security in Europe and Central Asia	en
dc.type	Policy Note	en
dc.type	Document de politique générale	fr
dc.type	Documento de políticas	es
dspace.entity.type	Publication
okr.associatedcontent	https://openknowledge.worldbank.org/handle/10986/38098
okr.crossref.title	Energy Crisis
okr.date.disclosure	2022-10-04
okr.date.doiregistration	2025-05-07T12:00:39.555982Z
okr.doctype	Economic & Sector Work
okr.doctype	Economic & Sector Work::Policy Note
okr.language.supported	en
okr.region.geographical	Europe and Central Asia
okr.topic	Energy::Energy Demand
okr.topic	Energy::Energy Consumption
okr.topic	Energy::Energy Policies & Economics
okr.topic	Energy::Energy Resources Development
okr.topic	Energy::Renewable Energy
okr.unit	ECACE; ECA