The European Central Bank president said officials will review their programs at the next policy session in March and there are "no limits" on how far they're willing to deploy measures within their mandate. The Governing Council kept interest rates unchanged at record lows at its meeting in Frankfurt on Thursday.

"We are adapting our instruments to the changing conditions," Draghi said. "The credibility of the ECB would be harmed if we weren't ready to revise the monetary-policy stance."

A year after announcing an unprecedented quantitative-easing plan, and a month after extending that program while making the deposit rate more negative, the ECB is still struggling to lift inflation much above zero. With a cooling Chinese economy sending global markets tumbling and exacerbating an oil crash that is damping consumer price gains, Draghi is insisting that he's still able to act if needed.