European Central Bank (ECB) President Mario Draghi said on Monday that there was no alternative to the central bank's quantitative easing.

"There is simply no alternative to this today," he said.

Draghi noted that savers would benefit from the central bank's monetary policy in the medium term.

"It might seem at first glance that this policy is tantamount to penalising savers in favour of borrowers. But in the medium-term, expansionary policy is actually very much to the benefit of savers," the ECB president said.