Levy, Walter J.
April 1957
Foreign Affairs;Apr1957, Vol. 35 Issue 3, p454
Europe has been dependent on the uninterrupted flow of Middle East oil. But mounting tensions in the Middle East put Europe's access to oil in jeopardy. This article discusses the economic impact of the Suez crisis on Europe. The direct effect of the oil shortages can be seen in two areas, that of dollar exchange and of investment potential. European balances of trade were seriously disturbed. Great Britain's currency position deteriorated badly, and France's was equally precarious.


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