By Jeremy Smith
Jörg Asmussen, German Member of the Executive Board of the European Central Bank (ECB), today (8th May) gave an interview to the business newspaper Handelsblatt in which he went out of his way to make clear that the ECB will ignore any election results which go against existing ECB policy. Prime has translated his key messages to France and Greece following Sunday's elections, in view of their public interest. His message to President Hollande:
“I expect France to transpose the Fiscal Pact unchanged. Furthermore, I assume that the new government will maintain the commitment that the government deficit will in the next year once again be brought under 3%.
It must be clear to all that the Fiscal Pact – completed with a growth element – will not be weakened in its substance.”
And to Greece,
“Greece must be clear that there is no alternative to the agreed recovery programme if it wants to remain a member of the Eurozone.”
Final real translation - European politicians and peoples - elect who you like, but you must do what your unelected and unaccountable central banker tells you. There is no acceptable alternative!
Er, is that clear enough?