European Central Bank meets stimulus goal to buy 60 billion euros in bonds

MarketsAssociated Press

The European Central Bank has met its monthly goal of purchasing 60 billion euros in government and private-sector bonds, the first stage of a 1.1 trillion euro ($1.2 trillion) program aimed at boosting the economy.

The central bank said Tuesday it bought 52.52 billion euros in government bonds since launching the effort March 9. The goal was reached by additional purchases of private-sector bonds.

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The bond purchases — made with newly printed money — are aimed at raising inflation from a worrisome negative 0.1 percent annually. It should also support the gradual economic recovery that has been taking hold.

The bank has recently underlined its determination to carry out the full amount in purchases through September 2016 and beyond if necessary, even though the economy has shown signs of improvement.