Heard at the ECB's governing council's pre-conference meeting ...

With (sincere!) apologies to La Roux;

Going in for the Hike

(lead singer JCT with refrain by Axel Weber)

We can fight our crises
But when we start seeing prices
We get ever so cross
And must show we're the boss
They say we shouldn't care about the headline
But we believe it's just fine
One council with a common goal
To protect the PPP of European souls

We're going in for the hike
We're doing it to quell a spike
Oh we're hoping you'll understand
And now let go of my hand
(x2)

We hang the PIIGS out to dry
And we'll see how hard they'll try
We can help their banks no longer
They'll have to be stronger
Full stops to monetisation
To be ahead of the curve
How far can we stretch the Euro?
We'll see but we aren't sure though

We're going in for the hike
We're doing it to quell a spike
Oh we're hoping you'll understand
And now let go of my hand
(x2)

Let's raise the rate
to kill the headline
Let's test our fate
with a Por2y at 8
We hope in darkness
The market can see
That we are trying to set them free

We're going in for the hike
We're doing it to quell a spike
Oh we're hoping you'll understand
And now let go of my hand