The European Central Bank (ECB) has confirmed a €1.1trn stimulus scheme aimed at halting the eurozone's slide towards economic stagnation.
The monetary policy measure, announced at a news conference by ECB president Mario Draghi, was bolder than investors had expected - with European stock markets rising and the euro falling in value as the core details emerged.
Its current stimulus would be extended from March to include so-called quantitative easing, the Bank confirmed.
The ECB said it intended to spend a combined €60bn (£46bn) a month on sovereign and corporate bonds until September 2016, with individual central banks in the 19-member eurozone sharing some of the risks of the money-printing exercise.
The flood of money should bring borrowing costs down, boost bank lending and weaken the euro further to bolster its competitiveness.
The aim of the QE programme is to prevent the euro area spiralling into deflation - an entrenched period of falling prices which puts consumers and businesses off spending.
Inflation is already running at -0.2% and Mr Draghi told reporters the outlook required a "forceful" policy response.
The ECB said countries under a bailout programme, such as Greece, would be included in the QE programme but with some additional criteria.
A political crisis in Greece risks plunging the euro area into further chaos, as a snap general election this Sunday could bring an anti-bailout party to power - a development which would potentially lead to the country's exit from the single currency.
The QE programme was announced two-and-a-half years after Mr Draghi pledged to "do whatever it takes" to save the euro amid fierce opposition to QE from Germany over fears it will stop national governments fixing their finances.
German Chancellor Angela Merkel said any ECB decision could not replace government action on tackling debt.
Speaking at the World Economic Forum in Davos she said: "It should not obscure the fact that the real growth impulses must come from conditions set by the politicians.
"What's important for me is that (politicians) move even more decisively to address the issues, rather than thinking that the buying of time through other measures means we can forget about structural reforms."
The ECB did not need German permission for QE.
It said bonds would be bought on the secondary market in proportion to the ECB's capital key, meaning the largest economies from Germany down will see more of their debt purchased by the ECB than smaller peers.
The bonds will mature over periods of between two and 30 years.
The prospect of dramatic ECB action had already prompted the Swiss central bank to abandon its cap on the franc while
Denmark, whose currency is pegged to the euro, was forced to cut interest rates in anticipation of the flood of money.
The euro dropped 1.4 cents against the dollar following the QE announcement while bond yields in Italy and Spain hit historic lows, reducing the cost of servicing their debts.
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