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Here Is the Way to Find Out if the Euro Is Giving Mario Draghi Sleepless Nights

ECB president may have developed a system to signal concerns about the currency strength

Mario Draghi, president of the European Central Bank (ECB), gestures during a news conference to announce the bank's interest rate decision at the ECB headquarters in Frankfurt, Germany, on Thursday, Oct. 20, 2016. The ECB kept its quantitative-easing program and interest rates unchanged as suspense builds up over a possible extension of bond-buying later this year.Photographer: Krisztian Bocsi/Bloomberg

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By Piotr Skolimowski and Carolynn Look

August 20, 2017 at 4:00 AM UTC

This article is for subscribers only.

A Deutsche Bank economist has found a way to gauge how concerned Mario Draghi might be about the euro.

As Mark Wall points out, the ECB president has commented rather sparingly on the currency swings since he took office in 2011. While his predecessor Jean-Claude Trichet gained some notoriety for calling out currency appreciation as brutal, there was no mention of the exchange rate at roughly 60 percent of Draghi’s press conferences following Governing Council meetings.