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: