The shale oil cycle in the United States and the variability of euro-zone growth

It seems that economists and forecasters are not sufficiently taking into account the very significant effect of the shale oil cycle in the United State s (the cycle of its production and the global oil price cycle) on euro-zone growth . The shale oil cycle is very different from the conventional oil cycle: it is more drastic and much shorter ( three to four quarters instead of three to four years).