President of European Central Bank Mario Draghi said the ECB is ready to act quickly to boost inflation in the eurozone while attending the European Banking Congress in Frankfurt.

His statements are the strongest hint that new measures could be expected at its December meeting aiming to stop inflation from falling below the official target of just under two percent.

“If we decide that the current trajectory of our policy is not sufficient to achieve our objective, we will do what we must to raise inflation as quickly as possible. That is what our price stability mandate requires of us,” Mr. Draghi said.

“If we conclude that the balance of risks to our medium-term price stability objective is skewed on the downside, we will act by using all the instruments available within our mandate. In particular we consider the asset purchase programme to be a powerful and flexible instrument as it can be adjusted in terms of size, composition and duration to achieve a more expansionary policy stance. The level of the deposit facility rate can also empower the transmission of the asset purchase programme not least by increasing the velocity of circulation of bank reserves,” Draghi told congress.