But vigilance is critical, too, since problems can sometimes quickly arise in a business line or unit that has presented no past difficulties. Accordingly, it is always helpful to evaluate the "what if" scenarios even for the most pristine of business units.
Against this background of more moderate cyclical movements, I should like to "zoom in" on the current cyclical downturn in the Netherlands. Contrary to some allegations, this downturn is not very different from previous periods of cyclical decline - in fact, it is a textbook case.