Euro zone: The important stabilising effect of falling oil prices during crises

In all crises (2000-2001, 2008-2009, today with the coronavirus crisis), oil prices fall sharply. Today, oil prices have fallen drastically - the WTI oil price has even traded negative. It is important to note that this fall in oil prices has a clear stabilising effect on oil-importing countries (we look at the case of the euro zone). When we compare it with the effects of fiscal policy and monetary policy, we see that on average: The fall in oil prices (we look at the Brent oil price) accounts for 20% of the stabilisation; Expansionary monetary policy accounts for 30%; Expansionary fiscal policy accounts for 50%.