European Central Bank (ECB) President Mario Draghi said on Monday that the central bank will fulfil its mandate in reaching 2% inflation target.

"Meeting our objective is about credibility. If a central bank sets an objective, it can't just move the goalposts when it misses it. Confidence comes from every party fulfilling its mandate. And that's what the ECB will do," he noted.

Draghi also said that there are "no warning signs of serious financial instability".

The ECB president pointed out that the central bank's stimulus measures led to higher consumption.