In the March 2012 economic update for eZonomics, Brosens said ING economists had increased oil price forecasts to $130 a barrel by the end of 2012. Combined with additional government austerity measures in Spain, the Netherlands and elsewhere, expensive oil had “the capacity to stall the economic recovery”.
"Cautious optimism" on Greece
On a more positive note, Brosens said financial markets had been more optimistic – buoyed in particular by the latest Greek debt deal.
“The crisis mood of a few months ago has given way to cautious optimism,” he said. “But the optimism may prove temporary.”