Some Questions of the Energy Policy of the East European Countries

Abstract

After 1973 when the oil price explosion had shaken the world economy, in the countries of Eastern Europe for a while the view was prevailing that the crisis will only afflict the Western world. The troubles which caused stagflation, uncertainty of supply and confusion of economic policy, the dynamic growth of unemployment etc. were not supposed to spread eastward across the rivers Elbe and March. By now we have learnt that also Eastern Europe did not has remained exempt from the growth difficulties faced by other countries and regions of the world dependent on energy imports. For the last ten years rising oil prices, tensions in the energy situation, deteriorating terms of trade, external indebtedness, slowdown of economic growth, and forced restrictions on the domestic use of the national income both for consumption and accumulation become characteristic of the East European economic situation.

For the purposes of this paper Eastern Europe includes the European member countries of the CMEA, except the Soviet Union.