With the ECB refinancing rate at 0.00 percent, Germany has also complained of the hit from low interest rates to savers. However, Draghi said on Wednesday that households could still earn "satisfactory" returns, and referenced reports from Germany's own central bank to support his points.
"Savers can on average still earn satisfactory rates of return from diversifying their assets, even when interest rates on deposit and savings accounts are very low. This has also been the case in Germany according to another recent Bundesbank study," Draghi said.
"Moreover, there have been many episodes of low, or even negative, real interest rates in Germany — well before the introduction of the euro, as a recent Bundesbank study has shown," he added.
In addition, Draghi denied that his policies were responsible for the difficulties faced by "certain German financial firms." His comments came as the CEO of Deutsche Bank, John Cryan, attempted to reassure investors about the capital strength of Germany's biggest bank by assets.
"Those who blame ECB policy for the mixed performance of certain German financial firms have been very vocal. But … the ECB's monetary policy is not the main factor for the low profitability of banks," Draghi said on Wednesday.
"While some banks' business models may indeed need to adapt to the current low interest rate environment, they also need to address their own structural issues, such as overcapacity, the stock of non-performing loans and the potential impact of technological innovation. Low profitability is closely linked to low operational efficiency," he added.