In recent weeks central banks and governments around the world have announced major stimulus plans.
The so-called Pandemic Emergency Purchase Programme comes just six days after the ECB unveiled measures that failed to calm markets, piling pressure on it to do more to support Europe’s economies.
The announcement came after the bank’s 25-member governing council held emergency talks by phone late into Wednesday evening.
On Sunday the Fed cut interest rates to almost zero and launched a $700bn (£604bn) stimulus programme.
It was part of co-ordinated action launched by the UK, Japan, eurozone, Canada and Switzerland, reports BBC.As part of that announcement, the Fed said it would work with other central banks to increase the availability of dollars for commercial banks.