The European Central Bank is ready to act to stimulate the eurozone economy and push up inflation in the single currency area, president Mario Draghi said on Monday. Following its last monetary policy meeting in January, the ECB’s decision-making governing council had promised “to review and possibly reconsider the monetary policy stance in early March,” Draghi said, reiterating comments he has made repeatedly since last month. Area-wide inflation picked up only modestly to 0.4 per cent in January from 0.2 per cent in December, a long way off the level of 2.0 per cent that the ECB estimates is conducive to healthy economic growth. Falling oil prices and slowing economic growth in China and other emerging economies are weighing on the headline rate of inflation. Draghi told the European Parliament’s committee for economic and monetary affairs that the ECB would “examine the strength of the pass-through” of such factors on domestic wage and price formation and on inflation expectations.