European Central Bank (ECB) President Mario Draghi has hinted that the central bank could further slash its main interest rate again.

Draghi said Monday in Rome that the ECB will closely study incoming data on the euro zone economy, adding that the bank “stands ready to act again” if deemed necessary.

Draghi added that the bank’s executive board decided to study the possibility of cutting the deposit rate below zero.

The European Central Bank cut its main interest rate by a quarter percentage point to half a percent last week.