Speaking to the European parliament's economic and monetary affairs committee, Draghi said: "Downside risks stemming from global growth and trade are clearly visible."
"Moreover, inflation dynamics have somewhat weakened, mainly due to lower oil prices and the delayed effects of the stronger euro exchange rate seen earlier in the year."
"In addition, price pressures – such as from producer prices – remain very subdued. Signs of a sustained turnaround in core inflation have somewhat weakened."
Draghi has previously said the central bank will intervene if it believes inflation will undershoot its target of just under two per cent in the next two years.
"If we were to conclude that our medium-term price stability objective is at risk, we would act by using all the instruments available within our mandate to ensure that an appropriate degree of monetary accommodation is maintained."