"Options in those circumstances include extending the duration of QE beyond September 2016 or raising the ceiling for asset purchases, which is already very high at 60 billion euros. Extending QE is the more likely of the two," he added.
The euro slumped to a three-week low against the dollar, falling around 1.3 percent to $1.11 below after Draghi said the ECB was open to a "whole menu" of policy instruments.
Draghi highlighted the challenges that emerging market economies were facing, specifically mentioning China as a key external headwind to the stability of the euro area.
"As it happens, we doubt that the risk from emerging markets is too serious," said senior European economist at Capital Economics, Jennifer McKeown.
"Nonetheless signs of a slowdown in the domestic economy and the continued absence of inflationary pressure warrants stronger policy support. We have penciled in an increase in the monthly pace of asset purchases from 60 billion euros to 80 billion euros, to be announced after the next meeting on 3rd December," she said.