The European Central Bank (ECB) maintained it key interest rates, adding that its planned purchase of assets was proceeding smoothly, but also said it was ready to respond to anything that could lead to an unwarranted tightening of monetary policy, or if the outlook for price stability were to change, "by using all the instruments available within its mandate."
ECB President Mario Draghi also said that "downside risks surrounding the economic outlook for the euro area have generally been contained" due to the central bank's monetary policy decisions along with changes in oil prices and exchange rates.
The ECB cut its benchmark refinancing rate to 0.05 percent in September 2014 and embarked on monthly purchases of assets worth 60 billion euros in March this year.
Draghi confirmed that these asset purchases will continue until the end of September 2016 or until there is a "sustained adjustment in the path of inflation that is consistent with our aim of achieving inflation rates below, but close to 2% over the medium term."
The European Central Bank released the following statement with Mario Draghi's statement:
"Introductory statement to the press conference