The European Central Bank has announced plans to buy an additional €750bn in bonds after holding an emergency call of its rate-setting committee on Wednesday night in response to the worsening economic and financial turmoil caused by the coronavirus pandemic.

The central bank said all the extra asset purchases would be carried out this year and cover both sovereign bonds and corporate debt. Dubbed the Pandemic Emergency Purchase Programme, it would last until the coronavirus crisis is judged to be over.

“Extraordinary times require extraordinary action,” ECB president Christine Lagarde said on Twitter after the measures were announced. “There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate.”