The policy wobbled back and forth between two opinions.
Literal
Policy [topic-は] 2 [possessive-の] opinions [possessive-の] space [object-を] this-and-that wobbled
あれこれと ('this and that, in various ways') is a stock adverbial. ぐらつく is a mimetic-derived verb meaning 'to wobble, waver, totter' — usually physical, but here metaphorical for policy indecision. The image is a policy oscillating between two positions.