The European Central Bank (ECB) President Mario Draghi said in a speech in New York on Friday that the ECB is ready to add further stimulus measures to reach 2% inflation target if needed.

"There is no doubt that if we had to intensify the use of our instruments to ensure that we achieve our price stability mandate, we would. There cannot be any limit to how far we are willing to deploy our instruments, within our mandate, and to achieve our mandate," he said.

"I can say therefore with confidence - and without any complacency - that we will secure the return of inflation to 2% without undue delay, because we are currently deploying tools that we believe will achieve this, and because we can, in any case, deploy our tools further if that proves necessary," Draghi added.