FRANKFURT Thu Jan 8, 2015 10:39am EST

The European Central Bank's Governing Council stands ready to take unconventional measures if needed which could include buying government bonds, its president said on Thursday in a letter to a European Union lawmaker.

In the letter to Luke Ming Flanagan, Mario Draghi said that the Governing Council would closely monitor the "risks to the outlook for price developments over the medium term".

"It will be particularly vigilant as regards the broader impact of recent oil price developments on medium-term inflation trends in the euro area," he said.

"Should it become necessary to further address risks of too prolonged a period of low inflation, the Governing Council is unanimous in its commitment to using additional unconventional instruments within its mandate," he said.

He added that this "may entail the purchase of a variety of assets one of which could be sovereign bonds".