The European Central Bank (ECB) kept interest rates unchanged on Thursday, as it waits to judge the impact of radical stimulus measures unveiled in June.
In a press conference following the rate decision, ECB President Mario Draghi said the central bank had "intensified" preparation for an asset-purchase program, and was willing to launch one if the inflation picture changed.
The central bank's inaction comes despite a shock fall in inflation in July, which reignited concerns that the region could be heading for a period of growth-sapping deflation.
Inflation rose by 0.4 percent compared to the same period last year, failing to match expectations of 0.5 percent. It was the lowest level seen since October 2009 and below last month's reading of 0.5 percent.