The Committee has identified the peak and trough quarters since 1970:
Date | Peak / Trough | Announcement Date |
2020 Q2 | Trough | 9 November 2021 |
2019 Q4 | Peak | 29 September 2020 |
2013 Q1 | Trough | 1 October 2015 |
2011 Q3 | Peak | 15 November 2012 |
2009 Q2 | Trough | 4 October 2010 |
2008 Q1 | Peak | 31 March 2009 |
1993 Q3 | Trough | 22 September 2003 |
1992 Q1 | Peak | 22 September 2003 |
1982 Q3 | Trough | 22 September 2003 |
1980 Q1 | Peak | 22 September 2003 |
1975 Q1 | Trough | 22 September 2003 |
1974 Q3 | Peak | 22 September 2003 |
Therefore, the Euro Area expanded until 1974. Since then there have been five complete cyclical episodes (recession followed by expansion).