European Central Bank President Mario Draghi on Monday said that inflation in the euro zone could experience going up and down in a volatile manner, but might average below the ECB's goal of just below 2 percent.

Referring to inflation, Draghi said in the question-and-answer session after a speech at the University of Amsterdam it might be "below 2 percent, on the low side ... We may have volatility, bumps."

Draghi also said that the ECB's monetary policy is very accommodative, and added that early repayments on the ECB's 3-year loans were coming not only from banks headquartered in the euro zone core countries, but also from distressed countries.

(Reporting by Paul Carrel and Sara Webb, Writing by Sakari Suoninen)