The outlook for the global economy remains uncertain, and 2016 will be a no less challenging year for the ECB, Mario Draghi said in the bank's annual report today.

The ECB president said the European economy continues to face disinflationary forces and there are questions about Europe’s ability to withstand new economic shocks.

“We face questions about the direction of Europe and its resilience to new shocks.”

Mr Draghi said the ECB’s quantitative easing will raise euro area GDP by around 1.5 percentage points between 2015 and 2018.

Presenting the report to the Committee on Economic and Monetary Affairs, ECB vice-president Vítor Constâncio Europe is facing a number of challenges simultaneously, in the economic sphere and beyond, and addressing these challenges requires a joint response.

“The ECB is doing, and will continue to do, its part by taking the necessary measures to fulfil its mandate. However, further work is also required in other policy areas to cement the foundations of the European Union, foster innovation and productivity, and put the economy back on a path of robust, sustainable growth and job creation.”