The European Central Bank on Thursday said it would launch a programme to buy 60 billion euros of private and public bonds starting in March to avert the threat of deflation in the euro area.

"The combined monthly purchases of public and private sector securities will amount to 60 billion euros ($70 billion). They are intended to be carried out until end-September 2016 and will in any case be conducted until we see a sustained adjustment in the path of inflation," ECB president Mario Draghi told a news conference, adding that the purchases would begin in March.