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Draghi doesn't need to do more...yet: Ex-ECB member

Mario Draghi, the President of the European Central Bank (ECB), doesn't need to "uncover all the cards" he has in his hand to solve the euro zone crisis, a former member of the ECB's governing body told CNBC.

"He doesn't need to uncover all the cards right now, and I don't see anything before early next year, maybe spring," Lorenzo Bini Smaghi, chairman of French bank Societe Generale and an ex-member of the ECB executive board, told CNBC.

On Thursday, the European Central Bank downgraded its inflation forecast and its President Mario Draghi reminded the markets of its "willingness to act", after weeks of market volatility that has dented the euro zone's growth outlook. The volatility has been sparked by concerns about China's economic growth.

"What you do not want to see is the appreciation of the euro," Bini Smaghi warned.

Lower oil prices should help increase domestic spending in the U.S. and Europe soon, which could help boost economies in both regions, he added.

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