Sure, but Moorman and many on Wall Street argue that this isn't just a cyclical upswing.

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Europe's appetite for fiscal reform, which is urgently needed in view of demographic trends, has diminished since the advent of the euro, and may disappear altogether as the cyclical upswing flatters the public accounts.

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The challenge now is to turn this cyclical bounce into a more sustained upswing above all, one that can make a big dent in Europe's mass of unemployment.

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The current boom is a strong cyclical expansion, not necessarily a secular upswing.

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But as Mr Coulton points out, it is not clear how much of this increase was structural (the product of enduring improvements in tax collection) and how much cyclical (the result of a temporary upswing in the economy).

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