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:  

One sentence towards the end of the speech stands out particularly. In 2012, Draghi promised to do anaything within the ECB's power to solve the euro crisis, and the speech is credited with beginning the end of the currency union's chaotic period. Is this comment Draghi's new "whatever it takes?": 

we will do what we must to raise inflation and inflation expectations as fast as possible, as our price stability mandate requires of us.

And the markets are reacting. The euro is now down 0.86% against the dollar, back bellow $1.245.

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

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