For weeks, ECB head Mario Draghi had indicated that the bank, the chief monetary authority for the 19 countries that use the euro, would act decisively to raise inflation and shield the region from a global slowdown, notably in China.
Because the monthly cap of 60 billion euros in bond purchases was maintained, that will increase the overall size of the 1.1 trillion euro ($1.2 trillion) program by at least 360 billion euros.
"Today's decisions were taken in order to secure a return of inflation rates towards levels that are below, but close to, 2 percent and thereby to anchor medium-term inflation expectations," Draghi told reporters at a news conference.
The ECB wants to raise annual inflation toward its goal of just under 2 percent as part of its legal mandate to maintain price stability.
"The ECB's decision to deliver only a very bare minimum of additional monetary stimulus indicates that the hawks at the ECB are stronger than many market participants had thought," he said.
[...] it is a sign of weak demand, and can lead to chronic stagnation if people begin anticipating flat or falling prices in purchasing decisions and wage agreements.
Weak inflation of the sort prevalent in the eurozone makes it harder for the currency union's indebted members, such as Greece, to reduce their burdens and to bring their business costs down relative to their eurozone trade partners — a necessary step in their economy recovery.
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