Translation of "Cyclical downturn" in German

This cyclical downturn reached its low point in the course of the year and thereafter started its upward path.

The second is the cyclical downturn following the more general world recession.

Central banks can play an important role in a cyclical downturn.

In addition regaining fiscal policy scope is also necessary to cushion the economy during a cyclical downturn.

Even the current cyclical downturn in the agricultural markets will not change this long-term trend.

Nearly all unemployment in a cyclical downturn was the result of the failure of investment demand.

Employment in the EU will increasingly be able to recover from the cyclical downturn of previous years.

The French economy has been reacting more sensitively to the cyclical downturn in the Community than during previous re­cessions.

But many commodities - with the exception of nickel - are in a cyclical downturn.

A Keynesian recovery is needed to respond to a cyclical downturn, but this crisis is structural.

However, the current cyclical downturn, which ended in a recession in 2003, led to a significant deviation of 2,6 percentage points between the GDP growth outcome for the year and the initial budgetary projection.

In addition , in most Member States the macroeconomic environment , in particular during the period following the cyclical downturn of 1993 , has contributed to the easing of upward pressure on prices .

Holland's problems were mainly structural, although a cyclical economic downturn made matters worse.

Implementing credible austerity plans constitutes the lesser evil, even if this aggravates the cyclical downturn in the short run.

However, most commentators feel that these programmes are relatively unambitious in their objectives3 and that France has still not reached a “safety zone” whereby government finances would, in the event of a cyclical downturn, still continue to meet the terms of the EU’s Stability and Growth Pact.

However, most commentators feel that these programmes are relatively unambitious in their objectives6 and that France has still not reached a “safety zone” whereby government finances would, in the event of a cyclical downturn, still continue to meet the terms of the EU’s Stability and Growth Pact.

It can therefore be concluded that Denmark is expected to fulfil comfortably the requirements of the Stability and Growth Pact of a fiscal position "close to balance or in surplus" and that Denmark can withstand a normal cyclical downturn without breaching the 3% reference value.

Over recent years most Member States have implemented important structural reforms in the area of employment, and the current cyclical downturn will put the robustness of these reforms to the test.

After a period of strong economic activity and sizeable budgetary surpluses, Denmark's economic slowdown in 2008 was rapid and pronounced, as the cyclical downturn has been exacerbated by the global economic and financial crisis.

And there are incipient signs that the relatively pronounced cyclical downturn in some industrial countries - including the United States and the United Kingdom - is bottoming out.

In addition, the Council considers that, net of these measures, the envisaged medium-term government deficit in the updated stability programme is not fully in line with the requirements of the Stability and Growth Pact as it does not give a large enough safety margin to prevent the deficit from breaching the 3 % of GDP reference value in the event of a cyclical downturn.