ECB members did not push for more QE, says Draghi

European Central Bank President Mario Draghi on Thursday said further quantitative easing was not discussed at the latest policy meeting as estimates for economic growth and inflation were lowered.

Draghi said governing council members saw no need to consider raising asset purchases despite speculation to the contrary amid the volatility caused by China slowdown fears.

However, he reiterated that the ECB would monitor economic data closely and exercise further action if needed, using tools within its mandate. Draghi said the QE programme would continue until September 2016 or beyond if necessary until the ECB sees a change in the path of inflation towards the target of just below 2%.

The ECB, meanwhile, downgraded its forecasts for economic growth. The monetary authority now expects Eurozone gross domestic product to rise 1.4% in 2015, compared to June's projection of 1.5%. GDP is predicted to increase 1.7% in 2016 versus its June forecast of 1.9%.

"Economic recovery is expected to continue albeit at slower pace due to weaker growth in emerging markets," Draghi said.

Draghi said the slowdown in China and emerging markets are anticipated to hurt trading and confidence in the euro-area.

Inflation is seen picking up in 2016 and 2017, supported by expected economic recovery and assumption of higher oil prices in the years ahead. The consumer price index rose 0.2% in August compared to a year ago.

Annual consumer prices are forecast to rise 0.1% in 2015, 1.1% in 2016 and 1.7% in 2017. "In comparison to June 2015 projections the outlook has been revised down largely owing to oil prices," Draghi said.

Elaborating on oil prices, Draghi blamed less demand due to the slump in China and emerging markets, “When oil prices are lower because of demand effects we have to consider the negative impact emerging countries might have on the growth of the euro area,” he added.

His remarks came at a press conference shortly after the ECB announced it was keeping key rates unchanged, as expected.

The euro fell 0.77% against the dollar to $1.1141 following Draghi's remarks.