European Central Bank (ECB) President Mario Draghi said the ECB could 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 in Frankfurt today after the ECB left its benchmark interest rate on hold at a record-low 0.25 percent. “The reason for today's decision not to act has really to do with the complexity of the situation that I described and the need to get more information.”

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