impact of the Iraq War on the European economy

Question:
What impact did the Iraq War bring about on the European economy?

Answer:
Since the 40s, Iraq has been one of the abundant petroleum exporting countries in the middle East and has traded in oil with European countries. Although the Iraq War did not damage directly, the rise in oil prices caused by the war and disorder in Iraq has affected on the European economy considerably.

　Furthermore, apart from the political phase, some analysts have pointed out that it was the economic reason of the Iraq War that the Hussein government had intended to shift currency of his reserve assets the US dollar to the Euro. This explanation, however, is uncertain as far.

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