‘Oil price will impact euro economy’

The rise in oil prices will have an impact on the eurozone economy, but the situation is not equivalent to the 1973-74 oil crisis, European Central Bank Vice President Lucas Papademos said on Sunday.

‘‘There are major differences from that period,’’ Papademos told the Italian Financial newspaper Il Sole 24 Ore in an interview. ‘‘First of all, the increase in oil prices in the early 1970s occurred over a limited, two-month period, whereas the current upward trend in the price of oil has lasted 67 months: it has already exerted much of its impact on inflation and growth.