monetary stringency

基本解释

There is, in short, no reason to expect Mr Duisenberg and his bank to be anything other than stern and independent, at least at the outset, though what might happen if political fashion turned against monetary stringency is another matter.
ECONOMIST: Wim Duisenberg, in the rough
The hope seems to be that, sooner or later, the ringgit will reach a level that is so obviously undervalued that it will bounce back of its own accord, without the painful period of monetary stringency seen in Thailand, Indonesia and the Philippines.
ECONOMIST: Banking in Malaysia: Next in line? The