Draghi said economic outlook is subject to downside risks, yet he sees signs of stabilizations and thereby expects gradual recovery.

The governing council lowered its growth outlook for the current year and next compared with December's projections. The bank sees a range of -0.5% and 0.3% this year and between 0.0% and 2.2% in 2013.

Regarding inflation, he said it is likely to remain above the bank's 2% target this year due to upside risks, yet he confirmed ECB is committed to stabilize prices.

Thus, the ECB raised inflation forecasts to a range between 2.1% and 2.7% this year and between 0.9% and 2.3% in 2013, referring to the pressure stemming from the rise in energy prices and announced increases in indirect taxes.

He said monetary expansion remains subdued, consistent with contained inflationary pressures over the medium term, referring that the ECB did not discuss rate changes at today's meeting.

As for non-standard measures, hesaid itproved to be positive and will provide further support, noting that it is temporary in nature.