1.   He referred, in particular, to the lack of synchronisation between the economic cycles of the two countries.

2.   Markets produce unavoidable economic cycles of expansion and contraction.

3.   The gap in fortunes is not just a result of out-of-sync economic cycles.

4.   The index closely mirrored the economic cycle.

5.   Third, a Market economy can experience major economic cycles.

6.   Even in the boom phase of the economic cycle, it only averaged below two million for just two years, before resuming its ascent.

7.   Yet there is no question that, across the economic cycle, it has been the Rhine model which has shown far the most robust capacity for growth.

8.   At the present uncertain stage in the economic cycle, the commodity most urgently lacking is confidence.

9.   Analysts were sceptical about how long such speculation would prop up the U.S. currency in the face of expectations that U.S. interest rates have peaked for this economic cycle.