European Central Bank (ECB) President Mario Draghi made further dovish comments on Wednesday, suggesting there could be another delay in hiking interest rates if required.

Speaking at a conference in Frankfurt, Draghi said that "adjusting our rate forward guidance" is an option to fulfill the bank's inflation target.

"Our current reaction function is well designed to respond to further delays in inflation convergence. In such a situation, just as we did at our March meeting, we would ensure that monetary policy continues to accompany the economy by adjusting our rate forward guidance to reflect the new inflation outlook," Draghi said.

The ECB has a mandate to ensure price stability with an inflation target of close but below 2 percent. In early March, it announced a delay to a previous plan of increasing rates after the summer, due to weak manufacturing and growth data in the region.

The bank's interest rates are now expected "to remain at their present levels at least through the end of 2019." Interest rates in the euro zone have been at record lows for years following the euro sovereign debt crisis of 2011 in an effort to boost inflation and stimulate growth.

The ECB has often been criticized for implementing too many measures to help the euro area, which some say could limit its options in future downturns. However, Draghi said Wednesday that this is not the case.

"The ECB will adopt all the monetary policy actions that are necessary and proportionate to achieve its objective. We are not short of instruments to deliver on our mandate," he said.