European Central Bank (ECB) President Mario Draghi said before the Committee on Economic and Monetary Affairs of the European Parliament in Brussels on Wednesday that the central bank is ready to expand its asset-buying programme to boost the inflation in the Eurozone. He added that the downside risk to the inflation increased slower growth in emerging-market economies, a stronger euro and a decline in oil and commodity prices.

But Draghi pointed out that it is too early to say whether the recent turbulence in emerging markets and a fall in oil and commodity prices will lead to a lower inflation.

"More time is needed to determine in particular whether the loss of growth momentum in emerging markets is of a temporary or permanent nature and to assess the driving forces behind the drop in the international price of commodities and behind the recent episodes of severe financial turbulence," he said.