Key quotes from ECB head Draghi's press briefing

— INFLATION

The official measure of inflation dropped sharply to 1.2 percent in April, well below the ECB's target of 2 percent. Draghi said the drop was mainly due to lower energy costs but said weak economic activity was also contributing.

"Inflation rates could remain subject to some volatility throughout the year."

— AUSTERITY

Many European governments and independent economists have said in recent weeks that public sector budget cuts should be slowed or even halted to allow the economy to recover. Draghi said the ECB continued to support debt reduction. Though he did not specify whether it would be good to slow down the pace of austerity, he said governments should not allow public debt to increase back to unsustainable levels.

"Don't unravel the progresses that you have achieved."