Republicans needed a net gain of one seat to gain a quorum-proof supermajority on fiscal spending.

A program of fiscal spending has led to an economic revival that has made Thailand a standout in Asia.

The basis of this argument is an equilibrium between "stimulus" fiscal spending and future interest rates.

"Of course we didn't spend every penny well," he says, but adds: "This was not a crisis round the world caused by fiscal spending in Britain."

"Private demand is still weak, and the economy needs one or two more pushes from fiscal spending," he said.

The bank and the fund sometimes require aid recipients to curtail fiscal spending and increase exports to earn hard currency.

With labour mobility, inefficiency can arise from fiscal spending in different localities.

Restrictions on fiscal spending are still fairly tight, and the management of the European Central Bank has been heavy-handed.

The protest was held in opposition to government plans to dismiss 25,000 state employees in order to reduce fiscal spending by 42 per cent.

Within a year, low rates, easier consumer credit and fiscal spending had turned Thailand into Asia's star economy.