The European Central Bank has announced that it will will “re-examine” its quantitative easing programme at its December meeting, and left the key interest rate at 0.05 percent.

Europe has suffered a string of weak economic data of late, with consumer prices falling by 0.1 percent in September, leading to speculation that the bank’s stimulus programme has been ineffective. It has recently embarked on a scheme of bond purchases at €60bn per month designed to bring eurozone inflation back up.

ECB head Mario Draghi said at a conference in Malta today:

“The asset-purchase plans are proceeding smoothly and continue to have a favourable impact. However, the degree of monetary policy accommodation will need to be re-examined at our December meeting.”

He also commented that falling commodity prices and emerging market concerns are weighing on the Eurozone’s economic prospects.

The FTSE 100 suffered some volatility immediately after Draghi’s speech, but has now settled up 0.51 percent (1635GMT).