Key quotes from ECB head Draghi's press briefing

Here are some highlights of the things he said:

— INTEREST RATES

The ECB cut its key refinancing rate to 0.5 percent from 0.75 percent as the economy in the 17-country eurozone weakened and inflation eased. Draghi said the ECB will remain ready to act, suggesting another rate cut is possible.

"We'll look at all the incoming data, we'll monitor them closely, and we'll stand ready to act if needed."

— OTHER MEAURES

Draghi suggested the ECB is open to other measures to support the flow of credit in the eurozone. Draghi suggested the ECB could bring its deposit rate — what it charges banks for deposits — below zero. That means that banks would have to pay to deposit money overnight with the ECB.

"We are technically ready. We will look at this with an open mind."

— ECONOMIC GROWTH

Draghi said one of the reasons for the interest rate cut was evidence that the economic slowdown was now affecting the region's bigger and stronger economies. He said the rate cut should support a mild recovery.