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ECB stands ready to take more measures if needed: Draghi

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Ralph Orlowski, Getty Images News

The European Central Bank is ready to take more measures to fend off the threat of deflation in the euro zone if they are warranted, the bank's president said on Friday, also warning that the bloc's fiscal rules "should not be unravelled."

"We have now reached a lower bound of our interest rates," ECB President Mario Draghi told a news conference following a meeting of euro zone finance ministers in Milan.

"The Governing Council stands ready to take further measures to maintain price stability," he said. He also said the ECB sees a modest economic recovery in the euro zone.

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