European Central Bank US$1.1 tril. stimulus launches Monday
Updated: 2015-03-06 22:04:07 KST
The European Central Bank is poised to start its stimulus program on Monday.
It's estimated to be worth over 1 trillion U.S. dollars for the euzozone economy.
Speaking in Cyprus, ECB President Mario Draghi announced the so-called quantitative easing policy will purchase 60 billion euros per month of government and corporate bonds through September of next year.
The central bank also upgraded its growth outlook by half a percentage point to 1.five percent this year.
''The ECB's action is going to go the full 18 months that they laid out, and is probably likely to continue after that, because the situation is that a huge amount of slack in the economy exists and it's going to take a while for both the policy action and the market moves you've already seen to use that up.''
In response, European and U.S. bonds closed higher in Thursday's trading.
The euro fell to an 11-and-a-half year low against the greenback before settling slightly higher above 1-dollar-and-ten-cents.
Meanwhile, Germany's main stock market hit a new all-time high of over 11,500 points.
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