European Central Bank head Mario Draghi has warned that the "downside risks" facing Europe's economy have increased over the past couple of months in the wake of the turmoil in emerging markets.

Draghi's remark Monday to the European Parliament in Strasbourg, France, is likely to reinforce speculation that the bank will add to its stimulus efforts at its next meeting on March 10.

He said the bank has found risks high enough "to review and possibly reconsider" the level of its stimulus efforts and that risks "have increased again amid heightened uncertainty" since Dec. 3, when the bank decided to cut a key interest rate and extend its bond-purchase stimulus program by six months.

Financial markets have been volatile this year largely over concerns about the slowdown in China.