The European Central Bank (ECB) President Mario Draghi hinted at a press conference on Thursday that the central bank may add further stimulus measures at its meeting in March as downside risks rose.

"Downside risks have increased again amid heightened uncertainty about emerging market economies' growth prospects, volatility in financial and commodity markets, and geopolitical risks. In this environment, euro area inflation dynamics also continue to be weaker than expected," he said.

"It will therefore be necessary to review and possibly reconsider our monetary policy stance at our next meeting in early March, when the new staff macroeconomic projections become available which will also cover the year 2018," Draghi added.

The ECB president pointed out that the central bank's quantitative easing was working, and interest rate is expected to remain "at present or lower levels for an extended period of time".

Draghi noted that the ECB is ready to act if needed.