The European Central Bank (ECB) has turned more dovish, says a report from BMO Capital Markets.

The ECB’s recent confidence in an economic recovery is apparently wavering in the face of the recent volatility in financial markets and emerging market economies, the report notes. As a result, the ECB lowered its projections for growth and inflation in 2015, 2016 and 2017 on Thursday.

Although the ECB didn’t cut interest rates, or boost its current quantitative easing plans, it did signal that it’s prepared to act to boost growth, if needed, the report notes.

Notably, for the first time, the central bank said that its asset purchase program, which is scheduled to run until September 2016, may now go “beyond, if necessary”.

“The central bank has become more dovish, mainly due to uncertainty over how these developments will impact growth,” the BMO report says, noting that, in the press conference following its rate decision, ECB President Mario Draghi,also highlighted the central bank’s sensitivity to downside risks.

“Draghi said that the Governing Council wanted to emphasize their willingness, readiness and ability to act,” the BMO report says. And, although there was no discussion of changing the size or the pace of the bank’s asset buying program, the BMO report adds, “… there are no special limits to their possible policy measures. They can change the size or the duration if they see a need for it.”