A picture of the beginning of today’s Governing Council meeting in Brussels, one of two a year held outside Frankfurt. May 8, 2014. @ECB

We’re experiencing lots of volatility in the euro this morning.

Moments ago, European Central Bank President Mario Draghi said the bank would be comfortable acting in June if needed.

This dovish tone comes after this morning’s monetary policy decision to do nothing.

After surging to as high as $US1.3993 minutes ago, the euro is now at closer to $US1.3899.

As expected, the bank kept its benchmark interest rate at unchanged at 0.25% today. It’s also keeping its deposit facility rate unchanged at 0.0%.

The euro is actually spiking on the news. It’s currently up 0.4% to $US1.3993.

“The risks surrounding the economic outlook for the euro area continue to be on the downside,” said Draghi during his 8:30 a.m. ET press conference. “Geopolitical risks, as well as developments in global financial markets and emerging market economies, may have the potential to affect economic conditions negatively. Other downside risks include weaker than expected domestic demand and insufficient implementation of structural reforms in euro area countries, as well as weaker export growth.”

Here’s Draghi on inflation: “According to Eurostat’s flash estimate, euro area annual HICP inflation was 0.7% in April 2014, up from 0.5% in March. As expected, given the timing of Easter, the increase was mainly due to a rise in services prices. On the basis of current information, annual HICP inflation is expected to remain around present low levels over the coming months, before only gradually increasing during 2015 to reach levels closer to 2% towards the end of 2016. New macroeconomic projections by Eurosystem staff will become available in early June. Medium to long-term inflation expectations remain firmly anchored in line with price stability.”

Here’s a look at the euro right now via