Since 2008, we have clearly been in a cycle of fear with respect to the financial market.

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That will be a relief to South-East Asian exporters, who have come to fear that the cycle of competitive devaluations might never end.

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The fear that Spain is trapped in a cycle of decline is evident in Brussels.

BBC: Spain moves to centre of eurozone crisis

With the fear of calamity diminished, a vicious cycle would become virtuous as investors' confidence recovered.

ECONOMIST: The global economy

Some will fear this could be the start of a familiar cycle of retaliatory attacks from both sides, our correspondent adds.

BBC: Exchange of fire between Gaza and Israel

That means, pessimists fear, that African countries may fail to navigate the virtuous cycle of industrialisation, growing employment, increasing productivity and prosperity.

ECONOMIST: Africa's population