While Greece continues to give him a headache, Mario Draghi has something to celebrate. The weaker euro is doing exactly what he wants it to: raise prices.
After five months at or below zero, prices have started to rise again, and faster than economists had predicted. The latest study published by the European Central Bank's Economic Bulletin suggests that prices could accelerate further this year thanks to impact of the weaker euro on imports.
The single currency lost about a quarter of its value against the dollar between June 2014 and March 2015. The depreciation means imports become more expensive for those using the euro in the 19-nation bloc.
The study intimates that the full effects have yet to trickle down to the rest of the economy, starting with producer prices -- what companies charge for the goods when they leave the factory.
In short, it might take a while for the euro's decline to be reflected in consumer prices.
How long, you may ask.
"The largest effect of the recent depreciation on inflation may only come to the fore by the end of 2015," according to the study.
This would be in line with Draghi's forecasts and bolster his defense of quantitative easing -- his means of stimulating the economy by buying bonds and in so doing raising their price.
At some point later this year, though, someone might ask when will inflation start to be too much of a good thing?