The European Central Bank's (ECB) vice president said another large bond-buying program could be an option if inflation in the region doesn't reach its intended target.

Market players are keeping a close eye on the ECB amid concerns about growth in the 19-member region. ECB President Mario Draghi said Tuesday, with a defiantly dovish tone, that if the economic situation deteriorates in the coming months the bank would announce new stimulus.

Speaking to CNBC Wednesday, ECB Vice President Luis de Guindos added to Draghi's comments and outlined some possible measures the central bank could implement. "We have a wide range of instruments available: We have forward guidance, we have TLTRO (targeted longer-term refinancing operations), we have the reinvestment of the maturities of our balance sheets — so there is an ample, you know, range of instruments that we could use, and QE (quantitative easing) is one of them," De Guindos told CNBC's Annette Weisbach in Sintra, Portugal.

The ECB foresees "lingering softness" in the short term, in particular due to geopolitical factors and trade conflicts, which have weighed on exports and on the manufacturing sector — two important drivers of economic growth in the euro zone.