• Markets were largely expecting a 500 billion ($563 billion) increase.
  • The new package takes the ECB's total announced monetary stimulus to 1.35 trillion ($1.52 trillion).
  • ECB also extended its horizon for net purchases until at least June 2021.
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The European Central Bank announced added a further 600 billion ($676 billion) to its coronavirus rescue plan Thursday, bringing the total stimulus package to an astonishing 1.35 trillion ($1.52 trillion).

Markets were expecting a 500 billion euros increase ($563 billion) to the ECB's so-called Pandemic Emergency Purchase programme.

Read more: A proprietary Bank of America indicator points to 20%-plus gains in the stock market over the next year. Here's what the firm recommends buying now ahead of the rally. The European Central Bank said in a statement : "In response to the pandemic-related downward revision to inflation over the projection horizon, the PEPP expansion will further ease the general monetary policy stance, supporting funding conditions in the real economy, especially for businesses and households." The ECB also extended the horizon for net purchases under PEPP until at least June 2021. The euro to dollar exchange rate is up 0.2% at 1.13. Read more: A $40 billion wealth-management firm says the US economy is only 19% recovered from the pandemic and lays out a winning investing strategy in the wake of a massive stock-market rally The announcement of a huge new injection of monetary stimulus comes the after the European Commission proposed a 750 billion ($826 billion) fiscal stimulus programme. NOW WATCH: We tested a machine that brews beer at the push of a button See Also: With the US plunging into chaos and one-in-four American workers out of a job, Trump lacks a clear plan to revive the economy US companies cut 2.76 million jobs in May, less than one-third of what economists expected, ADP says The US economy could take nearly a decade to recover from the coronavirus pandemic, according to the CBO