MercoPress. South Atlantic News Agency

ECB confirms it's ending the massive bond-buying scheme

The ECB began its asset purchase program in 2015, years after the UK and US took similar action to shore up their economies

The European Central Bank has confirmed it is ending its huge net asset purchase program to stimulate the Eurozone economy this month. The ECB has stopped its bond-buying scheme, worth €30bn a month, despite a recent slowdown in the bloc's recovery.

The move, first announced in June, is a big step towards unwinding the policies brought in to stabilize the Euro zone in the wake of the financial crisis. The ECB said it was keeping its main interest rate on hold at zero per cent.

The ECB began its asset purchase program in 2015, years after the UK and US took similar action to shore up their economies.

It has so far pumped more than two trillion Euros into the bloc's economy, while maintaining ultra-low interest rates.

The bank argues this has countered deflation and staved off a deeper economic crisis, but it has long signaled it would gradually wind the program down.

Before the financial crisis, QE had been largely untried. Its potential impact was unknown - and is still unclear. In the UK, the Bank of England estimates that funds played a very significant role in boosting activity.

However, there is evidence that a large part of the funds were concentrated in the assets held by the wealthiest - from property to shares - boosting their value.