ECB head Mario Draghi says central bank is willing to "step up the pressure," broaden stimulus

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European Central Bank head Mario Draghi says the chief monetary authority for the eurozone is willing to "step up the pressure" and broaden its stimulus efforts to help the struggling economy.

Draghi said Friday at a banking congress in Frankfurt, Germany that if current efforts do not achieve the desired effect the ECB could "broaden even more the channels through which we intervene."

The ECB has already lowered its benchmark interest rate to near zero and started purchasing bonds made up of bank loans to companies — an effort to boost lending and economic activity.

Some economists think the bank could widen the bond purchases to include corporate or government bonds in an effort to pump newly created money into the financial system — so-called quantitative easing, or QE.