[Europe's Sensitivity to Oil Shocks Is About Twice That of the U.S.] According to a report by Golden Finance on April 11, a research note from Bank of America pointed out that the eurozone's sensitivity to oil prices is significantly higher than that of the United States. The study found that a 10% oil price shock results in an inflation impact of approximately 40 basis points, with a corresponding growth impact exceeding 10 basis points. Both effects are roughly double those observed in the U.S. We believe this outcome is due to the higher proportion of energy in Europe's consumer basket and the region's status as a net oil importer. (Jin10)