Euro zone: What will happen if the oil price rises markedly?

It is not impossible that the oil price will rise sharply in the future, given the rapid growth in global oil demand, the limits to oil shale production in the United States and the difficulties of several oil-producing countries. For the euro zone, that would mean: A return of inflation, but also of core inflation , which is correlated to the oil price; A marked decline in growth, because of the low indexation of wages to prices , and social problems; A dilemma for the ECB: falling growth, rising core inflation, risk of debt crisis if interest rates rise.