Draghi and the central bank favour stronger action by political leaders to boost confidence and ease pressure on the ECB to take more emergency steps.
Such steps might include further low-cost loans to banks or direct purchases of government bonds.
The ECB chief said he and other European Union officials were drafting proposals to revamp the eurozone and would address them at a summit of EU leaders this month.
Those proposals could include more centralised supervision of banks and individual countries' spending, action to stimulate growth, and some system of common borrowing that might prevent government defaults.
Still, any such programme could take years to implement and would likely raise political objections.
In the meantime, Draghi said the ECB would keep supporting the banking system by providing credit, when necessary, to solvent banks.
But he argued that governments must also act. He called on them to take steps to boost growth by easing or dismantling business regulations.
Such action could make it easier for companies to hire and fire and to cut through bureaucratic obstacles to starting businesses.
The surprise announcement on Friday that the Bank of England will offer British banks up to £140 billion ($279 billion) in loans has raised the possibility that further turbulence in Greece could make it harder for banks to get money to fund their operations.
Major banks take out overnight loans from other banks to pay day-to-day bills. If this lending freezes up, some banks won't be able to operate. That problem triggered Lehman Brothers' collapse in 2008, which, in turn, escalated panic and choked off interbank lending. Central banks had to intervene to give banks short-term loans.
European banks faced a similar scare last northern hemisphere autumn. The ECB resolved the problem by providing low-cost long-term loans.
But Europe's banks have never really got back to normal, said Nicolas Veron, a senior fellow at the Brussels-based economic think tank Bruegel.
"There is no functioning interbank market," Veron said. Instead, there's a "substitution of the ECB for the interbank markets", which Vernon said wasn't a permanent solution.
Leaders of the 17 countries in the eurozone had to produce a plan to assess banks' health and decide how to close the weakest ones, Veron said.
Britain
Britain isn't in the eurozone but the emergency measures are intended to shield its economy from further damage from the eurozone's crisis.
One programme will offer British banks cheap multiyear loans provided they pass on the money as loans to households and companies.
The central bank will also inject about £5 billion a month into Britain's financial system. Bank of England Governor Mervyn King warned of a "black cloud of uncertainty hanging over not only the euro area but our economy too, and indeed the world economy as a whole".
Greece
The national elections have become the latest focal point in Europe's crisis. The left-wing Syriza party wants to abandon Greece's international bailout terms. If that happened, Greece could be cut off from the bailout loans it needs and could face bankruptcy and leave the euro.
Jeffrey Bergstrand, a professor of international finance at the University of Notre Dame, said that if the Greek elections end with uncertainty about the results, the ensuing chaos could require intervention to stabilise markets and banks across Europe.
Spain
Spain's public debt load has doubled since 2008, the country's central bank said on Saturday.
The Bank of Spain said that as of the end of the first quarter, total government debt, central, regional and local governments, stood at 72 per cent of gross domestic product. That's up from 65 per cent in the same quarter last year. The Government has said the debt load will hit 80 per cent by year's end. Economists expect it to rise further from its acceptance of a €100 billion ($160 billion) loan to prop up its banks. Because the Government will be responsible for repaying the banks' bailout, the loan will compound its public debt.
Italy
Italy has been swept up in the anxiety about Spain's finances. Investors have demanded high interest rates on bonds for fear that Italy might soon need financial aid. The Government is saddled with a huge debt load up to 120 per cent of its GDP. Investors fear it might be unable to maintain that level if its economy deteriorates further.
On Saturday, Italy's Government unveiled measures worth €80 billion to try to spur growth and lower its debt.
Germany
Chancellor Angela Merkel told a group of owners of family-run businesses she would resist pressure at the G20 summit to quickly adopt steps such as commonly issued bonds or continent-wide bank deposit insurance.
"Germany will not be convinced by all the quick solutions like eurobonds, stability funds, European deposit insurance funds," Merkel said. "I argue for addressing the roots and not fighting symptoms."
