More from Draghi:

  • In volatility creates unwanted tightening in financial conditions that worsen the inflation outlook, we would react
  • We will not raise rates because some small banks have a problem making profits

But if one of his big banking friends wants a bigger bonus, Draghi is your man.

Offers ahead of 1.12 have fended off the euro rally and it's faded back to 1.1167. No reaction on the latest headlines.