This provided breathing room for the Federal Reserve to follow a looser monetary policy.

Heeding the Parliament's call for a looser monetary policy, the Government would print more money.

But Bush's would be a looser environmental policy, on offshore drilling, say, than Gore's.

Kuroda has been an advocate of looser monetary policy in Japan.

I expect 2012 to be easier, with looser policy and improving exports providing some tailwinds.

So the world has changed since the days people advocated a looser fiscal policy.

The stimulus from a looser monetary policy overcame the drag of a tighter budget.

Britain, meanwhile, needed a looser monetary policy to stimulate recovery, but found itself unable to have one.

At that point, the central government yields to local-government demands for looser policy and the cycle begins again.

But one factor after another has conspired to dampen or delay the effects of the looser monetary policy on the markets and the economy.