The effect of these policies might come through in 2009, since both monetary and fiscal policy always take a while to have an effect.

这些政策可能要在2009年才能初见成效，毕竟货币和财政政策总是需要一段时间才能产生效果。

youdao

So the net effect of all that Fed monetary tightening has not raised mortgage rates at all.

美联储所有货币紧缩措施的净效果，根本没有抬高按揭利率。

youdao

Its own earlier experience of monetary stimulus since 1995, when it more than doubled the monetary base with little discernible effect on nominal growth, has left it unimpressed.

自从1995年后它拥有的货币刺激经验并没有留下可借鉴的东西- - -当它增加基础货币超过一倍的量随后名义增长并没有变化。

youdao

When monetary union comes into effect, it will mean that local economic slowdowns can no longer be dealt with by local monetary policies and only in a limited way by local fiscal measures.

ECONOMIST: Europe isn��t working

If the markets start to believe a country's deficit is out of control they will force its bond yields sharply higher, in effect tightening monetary policy.

ECONOMIST: The dilemmas facing policymakers

They have, however, had an outsized effect on monetary policy because fears over some countries' solvency have made investors less willing to finance any of their banks (see article).

ECONOMIST: Europe's resilient economies