The recent recalibration of the ECB's policy tools, announced at its December meeting, means that inflation is likely to return to its objective level without undue delays, he added.
"While monetary policy can deliver price stability, that alone does not guarantee lasting prosperity. To have a structural recovery we need to raise not just current growth but potential growth as well," he added.
"The key to this is higher investment. Investment has been held back in the euro area by three things: weak demand dynamics, the still-high private debt overhang and fragile private sector confidence."
Draghi called on countries to facilitate a "work-out" of toxic loans to aid a stronger recovery in credit and lending and said that it was important the region did not lose site of completing its monetary union.
The ECB announced a number of changes to its monetary policy on December 3 in an effort to fend off sluggish inflation and boost lackluster growth.
As well as cutting its key deposit rate further into negative territory, Draghi also announced that bank would extend its massive 60 billion euro ($63.5 billion) a month bond-buying scheme to at least March 2017.
It also said it would also reinvest the principal payments on the securities purchased under the quantitative easing plan, which he said would help liquidity conditions as well as including regional and local euro area debt in the program.
However, it stopped short of expanding the amount of bonds purchased by the bank each month. This disappointed market-watchers who were anticipating a deeper cut to interest rates.
The euro jumped sharply against the dollar after the announcements from Draghi, seeing its biggest one-day gain since March 2009. Equities in the region slumped, with the Euro Stoxx 600 benchmark closing 3.1 percent lower on Thursday.