Draghi Just Deliberately Tanked The Euro

European Central Bank boss Mario Draghi is speaking today at a banking conference in Frankfurt, and he has one central message: we have to bring inflation back up, now.

It’s one of Draghi’s most forthright speeches, with one exceptional snippet: “It is essential to bring back inflation to target and without delay.”

Draghi added: “We have to be very watchful that low inflation does not start percolating through the economy in ways that further worsen the economic situation.” You can take a look at the full text of the speech here.

The whole thing is heavy on discussion of the eurozone’s low inflation, as Twitter’s Lorcan Roche Kelly notes:  

And the markets are reacting.

Here’s the euro plunging against the dollar as Draghi’s speech was released:

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