The language of S&M is also now part of the eurozone discourse. The joint letter sent last month by Sarkozy and Angela Merkel to Herman van Rompuy, president of the European Council, explaining the Franco-German plans for future governance of the single currency stressed “fiscal discipline” and the need to “detect and correct departures from sound economic and fiscal policies long before they become a threat to the stability of the euro area as a whole”.

There’s plenty of raw material here, given a tweak or two, for a modern version of Leopold von Sacher-Masoch’s Venus in Furs. “Mario, you have allowed the Italian budget deficit to rise above 3% of gross domestic product.” “Yes, mistress Angela, I deserve to be punished for my lack of fiscal discipline. Please do not spare me.”