"Price developments over the medium term should remain contained," said ECB President Mario Draghi at a news conference in Frankfurt, Germany.
Draghi also said that "weak economic activity has extended into the early part of the year and a gradual recovery is projected for the second half of this year, subject to downside risks.
The economy's performance in the fourth quartet was due to weak domestic demand and slowing exports, he said.
Over time, "export growth should benefit from a recovery in global demand and our monetary policy stance should contribute to support domestic demand," he said.
Notable deaths of 2014 [PHOTOS]