The European Central Bank (ECB) announced on Thursday that it will expand its pandemic emergency purchase program (PEPP) by 600 billion euros (673 billion U.S. dollars) to a total of 1.35 trillion euros.

"In any case, the Governing Council will conduct net asset purchases under the PEPP until it judges that the coronavirus crisis phase is over," the central bank noted.

The maturing principal payments from securities purchased under the program will be reinvested until at least the end of 2022, it added.

Euro area key interest rates were kept unchanged. The eurozone base interest rate will remain at 0.00 percent, with the marginal lending rate and deposit rate remaining at 0.25 percent and minus 0.50 percent, respectively, according to the statement.