FRANKFURT, Germany, Jan. 22 (UPI) -- The European Central Bank is set to reveal a €1 trillion stimulus program aimed to prevent deflation and generate growth for ailing eurozone economies.
The ECB would begin buying sovereign bonds of about €50 billion a month starting in March for the quantitative easing program.
Interest rates hit record lows in the eurozone last year.
When the ECB buys bonds, the money supply in affected economies would increase. Banks and lenders could use the money generated from selling bonds to increase available credit for people, which may increase consumer spending.
Similar policies were implemented in Japan, the United Kingdom and the United States.
Growth in the eurozone has been slight and falling oil prices triggered deflation of 0.2 percent last December, whereas the economy in the United States saw a 5 percent growth the third quarter last year.
Concessions could occur because Germany, the strongest economy in the eurozone, opposes the ECB stimulus that would be applied to all 19 nations in the eurozone. The German government is concerned its citizens would be largely responsible for other nations' debts.