Whatever "credit easing" turns out to mean, you can expect the Treasury to make the same claim.
On the official version of events, Mr Osborne's credit easing will be an example of "monetary activism", as he suggests - not fiscal policy as many might imagine.
But he hinted (c) in his emphasis on the need for "credit easing" to get money flowing to ordinary businesses, in addition to anything decided by the MPC.
Like serious credit easing, which the Treasury has barely started.
Whenever the Fed does decide to signal a potential pullback of its aggressive credit easing, after a long period of record-low rates, analysts say the shift could jolt investors.
"This would put internal credit creation back under the control of the state, " they say, even if it only took the form of SME lending targets, credit easing and some infrastructure programmes.
Which is why the chancellor is committed to using taxpayers' money to underwrite the riskier elements of small-business loans, in a new initiative called "credit easing" - whose details are yet to be announced.
This was made clear in a speech last week by the prime minister, who talked about building on the Treasury's use of so-called "credit easing" to channel cheap finance to housing projects, businesses and infrastructure.
The Treasury will be nationalising the provision of loans to small businesses through credit easing, because of the perceived failure of the semi-nationalised banks, Royal Bank of Scotland and Lloyds, to direct money where it is most needed.
And we should know more about that in the next few days - when we will learn whether all the banks have signed up for credit easing and whether they do so with great enthusiam for its likely efficacy.
Each of the schemes announced over the past few days - whether for infrastructure, for housing and for "credit easing" for small businesses - in their different ways respond to the same reality: that super-loose monetary policy, for one reason or another, has not kickstarted private sector activity as it was supposed to.
Bank chairmen also told the governor that the demand for bank credit was easing and there were clear signs of a slowdown of credit demand in power, roads and telecom.
Subprime borrowers are also seeing credit lines easing in the auto loan arena.
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Well much will depend on whether the Treasury's preferred policy, of getting the current big banks to provide subsidised loans to smaller businesses - through its "credit-easing" policy - is showing that it will have impact.
In Britain, banks still face high borrowing costs and remain nervous about lending more to small and medium-sized enterprises: a new credit-easing programme about to be introduced by the BoE and the Treasury is long overdue.
The chart at right shows the percentage of loan officers who say they are tightening credit minus the percentage who say they are easing credit.
They can try to compensate by easing credit standards, effectively encouraging the non-rich to sustain purchasing power by borrowing.
Finally, a portion of the recent gain comes from banks easing credit standards.
At Ockham, our view of the quarter is mixed as trading revenues and fees from investment banking were rather anemic, yet credit concerns are easing to the point that they can take funds out of their reserves.
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Hopefully, once we get past that point, the combination of an easing credit crisis, a rebounding economy, and just lower home production, fewer new homes being added to the market, will all work inventory levels down and start to stabilize pricing.
In China the easing of credit has been even more important than its fiscal stimulus.
Add to that the slight easing of credit standards I wrote about in Easier Business Credit: 4 Strategies for Corporations and Small Business.
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But industry experts say that for now, it mostly means more attractive terms for the healthiest borrowers, as opposed to a major easing of credit standards.
Meanwhile, inventories of unsold homes have fallen to their lowest level in about 12 years, affordability remains historically high, and credit conditions are reportedly easing for qualified buyers.
Local officials go to great lengths to protect companies on their patch, often by giving them preferential access to land or credit, or by easing bureaucratic constraints for them.
My research for It Was a Very Good Year found two themes that linked most of those years: (a) either the economy or the market started off at a depressed level and (b) an easing of credit boosted stock prices.
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Bankers have been telling me the strangest thing: credit standards for business are easing.
But Citi is just the poster child for an industry that has yet to see any signs of easing in the credit crisis that began last summer.
But the hoped-for easing of the credit markets hasn't materialized.
"Growth is likely to be weak in the near term but further out a continued easing in domestic credit conditions, supported by the Bank's asset purchase programme and the Funding for Lending Scheme, together with the stronger global backdrop, underpin a slow but steady recovery in output, " the governor said.
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