European Central Bank (ECB) President Mario Draghi said the ECBcould take action to counter low inflation as soon as next month,when more data on the euro area's economy will be available.

“We are willing and we are ready to act,” Draghi said inFrankfurt today after the ECB left its benchmark interest rate onhold at a record-low 0.25 percent. “The reason for today's decisionnot to act has really to do with the complexity of the situationthat I described and the need to get more information.”

The ECB will publish quarterly macroeconomic forecasts nextmonth, including its first inflation prediction for 2016, which inthe past have provided supporting evidence for further easing.Draghi is trying to guide the euro area through a fragile recoveryand an extensive health check of the banking system, as well asnegotiate the global market swings sparked by the U.S. FederalReserve's decision to taper its own stimulus.