European Central Bank President Mario Draghi says Europe's economic rebound is still on track and worrisome low inflation should eventually rise.

Draghi said the "moderate economic recovery... is proceeding in line with our expectations. "

He spoke Thursday after the bank left its benchmark interest rate unchanged at a record low 0.25 percent and held off taking other measures to boost the economy.

The euro rose after Draghi's comments, trading 0.5 percent higher on the day at $1.3980.

Draghi said the bank was ready to take more action to ward off the risks of a too-long period of low inflation. The annual inflation rate of 0.7 percent is below the bank's target. He said the bank would have more inflation data at its June meeting.