At his May 8, 2014, press conference, European Central Bank president Mario Draghi stated, “I can say one thing: that certainly the strengthening of the euro in the context of low inflation and still low levels of economic activity is, as I said, a cause for serious concern in the view of the Governing Council.” Since that time, the euro has depreciated, and we believe that, even if it is not explicitly stated, the level of $1.40 is a proverbial line in the sand for Draghi.