The phonological loop is a working memory slave.
It's the voice in your head.
It has two parts: the phonological store that acts as the auditory memory, which decays after about two seconds, and the articulatory process that we utilize to prolong the life of the tracks in the store.
The auditory process is responsible for the dialog between your inner voice and inner ear.
For example, you're in an environment with many things happening, a stream of thoughts in your head, and you can control them by just closing your eyes and activating the absolute silence state for some time. In this information age we're living in, this is a powerful skill to master.