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The ECB is to discuss whether to expand its stimulus measures at its next meeting March 10. Draghi said there were "a variety of instruments" the ECB could employ if it decided more is needed. It could increase its 60 billion euros in monthly bond purchases with newly printed money, a step aimed at driving down already low interest rates and raising inflation that remains too low at 0.4 percent.

He expressed some frustration with governments that have held back spending at a time of economic weakness. He urged governments that are in better shape financially to spend more on public investment that would increase grow and to avoid excessive taxation.

Monetary policy from the central bank "is the only truly stimulative policy over the past four years," he said. ECB officials have warned governments not to rely just on central bank stimulus to boost the modest eurozone recovery.