The Committee has identified the peak and trough quarters since 1970:
| Date | Peak / Trough | Announcement Date |
| 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).