Mario Draghi unveiled a revamp of quantitative easing to allow for more purchases of each euro member's debt as the weaker global outlook prompted a wholesale reduction of officials' economic forecasts through 2017.

The European Central Bank president said in Frankfurt on Thursday that the Governing Council has now set a potential purchase limit of 33 percent of any given bond, from 25 percent previously. The euro slid to a two-week low as Draghi said the emerging-market rout threatened global expansion and that consumer prices may barely grow this year.

"The information available indicates a continued, though somewhat weaker, economic recovery and a slower increase in inflation rates compared with earlier expectations," Draghi told reporters. "Taking into account the most recent developments in oil prices and recent exchange rates, there are downside risks" to the inflation forecast, he said.

The move to reset the ECB's stimulus program after a six-month review, which will be subject to conditions for each country, gives more flexibility for officials as they prepare to continue bond purchases at least until September 2016. Weaker commodity prices, slowing trade and volatility in global equities have fueled speculation that more stimulus is on the way.

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