The Great German Gas Debate in Retrospect

This paper studies the adjustment of the German economy after Russia weaponized gas exports by cutting Germany off from gas supplies in the summer of 2022. First, Germany was able to replace substantial amounts of Russian gas with imports from third countries underscoring the insurance provided by openness to international trade. Second, the German economy reduced gas consumption by about 20%, driven mostly by industry (26%) and households (17%).

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