“…Just as an illustration, almost a decade after the implementation of the Euro zone, the question remained: will (ever) the business cycles of the Euro zone converge, in order to being possible to identify a European business cycle?(Camacho et al 2008;de Haan et al 2008). In fact, after some indications of increased synchronization in the 1990s, there was indeed a marked increase in the synchronization (of business cycles) during the period 1999-2007, but with the onset of the financial crisis of 2008, there was a reduction of the synchronization, particularly in some countries notably affected by this serious economic crisis).3 For instance,Torres and Vela (2003) andBurstein et al (2008) considered the US-Mexico case,Calderon et al (2007) examined the developing countries case,Canova et al (2007) analyzed the G-7 case,Koopman and Azevedo (2008) looked at the Euro area, UK and US case,Inklaar et al (2008) re-examined the OECD countries case,Fidrmuc and Korhonen (2010) inspected the emerging Asian economies and the OECD case, whereasCaleiro and Caetano (2017) focused on the Mercosul case.…”