This article proposes classical business cycle turning points for the
G7 and a number of European countries based on industrial production.
This enables us to examine the international nature of cyclical moveme
nts free from arbitrary assumptions about the trend, In particular, we
show that cyclical asymmetry is common, with slopes during declines b
eing generally larger in magnitude than during expansions. A binary me
asure of association for expansion and contraction regimes indicates a
core group of European countries related to each other and apparently
linked to the United States and Japan through Germany.