Adjusting for the economic cycle, fiscal policy has been much tighter in the euro area than in America or Britain, thanks to the stability and growth pact, which forced governments to raise taxes even during a downturn.

ECONOMIST: The European Central Bank

Investors reacted to this long profits cycle by adjusting the stockmarket rating.

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The Institute has taught us a lot about adjusting the ratios on the well-known "plan-do-study-act" cycle.

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