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So was the belated conversion to monetary relaxation by the Bank of Japan, though it needs to do more still.
The bank's governing body almost visibly bridles when economists and politicians seek to apply pressure for monetary relaxation.
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This is a clear relaxation of monetary policy.
As any good Keynesian would tell you, with a hugely indebted private sector government must eschew tax cuts and needless expenditure and prioritise the relaxation of monetary policy.
The economy continues to weaken, particularly in retailing, but apparently not to the point that would call for energetic relaxation of monetary policy, a Federal Reserve survey indicated today.
He hopes that rates will start to fall quite quickly early next year, but knows the IMF is concerned about a premature relaxation of monetary policy.
At a minimum, this means letting the budget act as an automatic stabiliser that is, leaving tax rates and spending programmes unchanged.But there is a good case for going beyond automatic fiscal easing especially in the new euro area, in which national relaxation of monetary policy will no longer be an option.
Mexico's exporters, who sell in dollars but pay expenses in pesos, have been hit by shrinking profits and have called for a relaxation of Mexico's monetary policy.
Japan's central bank decided yesterday to keep its monetary policy unchanged, despite pressure for a relaxation amid signs of further deterioration in the nation's economy.
Observers believe the interest cut may be the signal for a marked relaxation in Prime Minister Pierre Elliott Trudeau's stringent monetary policies.
During her visit Secretary Clinton announced relaxation of restrictions on World Bank and International Monetary Fund involvement in Burma, as well as talks with Naypyidaw on upgrading diplomatic relations, which were suspended 22 years ago.
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