"When we introduced unconventional policy instruments in order to secure a return of inflation towards our objective, we were aware that those new instruments could result in somewhat more pronounced side-effects than conventional instruments," Draghi said. "These side-effects have remained contained."

"Our current assessment of the side-effects suggest therefore that there is no reason to deviate from the indications we have been consistently providing in the introductory statement to our press conferences," Draghi told a conference in Madrid.