The 2022 gas price shock: did it trigger or bring to light the restructuring of European industry?

Bulletin No. 262, article 5. The disruption of Russian gas supplies in 2021-23 caused a major energy crisis in Europe, which initially impacted the most exposed countries, foremost among them Germany, as well as energy intensive industries, particularly the chemicals and metal and metal products industries. Beyond this episode, since the early 2000s European industry has been undergoing a restructuring in favour of less energy-intensive sectors such as pharmaceuticals and electronics. …