The European Central Bank (ECB) President Mario Draghi said at the World Economic Forum in Davos on Friday that the central bank has "plenty of instruments" to boost inflation in the Eurozone.

"We have the determination, and the willingness and the capacity of the Governing Council, to act and deploy these instruments," he added.

Draghi noted that the monetary policies will differ "for a while".

"It's entirely natural that monetary policies do differ and they will be on a diverging path for a while, and this will be reflected in different interest rates," the ECB president said.