Departing from the mainstream literature on European monetary integration, we acknowledge the interdependence of economic sentiment synchronisation and business cycle co-movements for 17 European countries and the euro area (EA). Building on national accounts and survey data, we find non-negligible evidence that sentiment cycles are the driving force behind general economic cycle synchronization. We demonstrate that recent EA acquisitions have witnessed an intensification of cycle synchronization with the EA core after the introduction of a common currency, corroborating the beneficial effects of the Eurosystem. Our results show a certain degree of dependence on the business cycle. The synchronization of 17 examined countries vis-à-vis the EA is mostly of equal magnitude or even more intensive during recessions than in expansions. In other words, the common monetary policy of the European Central Bank (ECB) should be able to effectively act as a countercyclical tool when an individual economy is facing a recession.

中文翻译：

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经济情绪和总体活动：两个欧洲周期的故事*

与欧洲货币一体化的主流文献不同，我们承认 17 个欧洲国家和欧元区（EA）的经济情绪同步和商业周期联动的相互依存性。基于国民账户和调查数据，我们发现不可忽视的证据表明情绪周期是总体经济周期同步背后的驱动力。我们证明，在引入共同货币后，最近的 EA 收购见证了与 EA 核心的周期同步加剧，证实了欧元体系的有利影响。我们的结果显示出对商业周期的一定程度的依赖。17 个被检查国家与 EA 的同步在衰退期间与扩张期间的幅度大致相同，甚至更为密集。换句话说，