European Central Bank adds half a trillion euros in stimulus
FRANKFURT — The European Central Bank will pour another half-trillion euros ($579 billion) in newly printed money into the eurozone economy to support its recovery as the currency union heads into what could be a tumultuous election year.
The bank’s 25-member governing council extended the duration of its bond-buying stimulus program by at least nine months, from March until December next year.
But the council startled markets Thursday by reducing the monthly amount of bonds it will buy after March, to 60 billion euros ($64 billion) from 80 billion euros currently.
ECB President Mario Draghi said the reduction did not mean the bank was tapering, or phasing out, the stimulus.