Is "GFC" the subprimes crisis? Because that one, in 2008, may well be a consequence of the peak of conventional oil. It's not "some peak for Europe", it is THE peak for the world of, well, conventional oil, which means anything that is not the shale oil in North America.
replyIt started in 2007. I don't see the peak oil connection there - what is it?
replyPeak oil means that oil becomes harder to get. That's the definition of the peak: the production increases until the peak, and decreases after. When the economy is directly correlated to oil, it means that a decrease in oil results in the economy slowing down.
reply> I don't see the peak oil connection there - what is it?
We got an economical crisis right when we reached peak oil production. Again, there is an extremely clear correlation between oil production and the economy.
Since 2007, the US has had access to shale oil and the likes, so they haven't reached their peak yet. Europe, on the other hand, has reached their peak in 2007. And since then, the economy (if you look at physical indicators, not artificial proxies like the GDP) is slowing down. Again an extremely clear correlation.