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Energy shocks, corporate investment and potential implications for future EU competitiveness

Author

Listed:
  • Longaric, Pablo Anaya
  • De Sanctis, Alessandro
  • Grynberg, Charlotte
  • Kostakis, Vasileios
  • Vinci, Francesca

Abstract

This article explores how energy shocks influence capital and research and development expenditure in the EU and outlines possible implications for growth, productivity and competitiveness. The findings indicate that energy shocks can adversely affect corporate investment, potentially undermining future EU competitiveness, especially for financially constrained and energy-intensive firms. Policy measures at national and European level could help reduce energy prices and strengthen energy supply, making the EU less vulnerable to future energy shocks. JEL Classification: Q41, Q43, O47, E22

Suggested Citation

  • Longaric, Pablo Anaya & De Sanctis, Alessandro & Grynberg, Charlotte & Kostakis, Vasileios & Vinci, Francesca, 2025. "Energy shocks, corporate investment and potential implications for future EU competitiveness," Economic Bulletin Articles, European Central Bank, vol. 8.
    • Handle: RePEc:ecb:ecbart:2025:0008:1
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    File URL: https://www.ecb.europa.eu//press/economic-bulletin/articles/2025/html/ecb.ebart202408_01~1d16a30700.en.html
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    More about this item

    Keywords

    Competitiveness; Energy; Investment; Productivity;
    All these keywords.

    JEL classification:

    • Q41 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Demand and Supply; Prices
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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