DHAKA: The European Central Bank (ECB) has announced a program to buy $69 billion of public and private bonds per month until September next year in a bid to kick-start the continent’s faltering economy.

The purchases will begin in March and eventually total $1.27 trillion, said ECB president Mario Draghi on Thursday, reports the Al-Jazeera.

“The ECB decided to launch an expanded asset purchase program encompassing the existing purchase program," he said at a news conference.

He further said “Under this expanded program, the monthly purchases of public and private sector securities, will amount to 60 billion Euros ($69bn).”

However, QE is regarded as the central bank’s most powerful tool yet to ward off deflation in the single currency area, where consumer prices actually started to fall in December.

BDST: 0231 HRS, JAN 23, 2015