The European Central Bank (ECB) is expected to announce a huge bond-buying programme later on Thursday, aimed at revitalising the eurozone economy.

Reports suggest that asset purchases could be €50bn (£38bn) per month until the end of 2016 - double the amount previously expected.

The programme would in part be designed to counter low eurozone inflation.

On Wednesday, the OECD urged the ECB to launch unlimited bond-buying until the eurozone economy improves.

According to reports on Wednesday, the ECB's executive board proposed this week that the €50bn quantitative easing programme would start from March.

The six-member board is the central part of the 25-strong policy making governing council.

The ECB council will meet on Thursday to take the final decision on whether to start quantitative easing measures.

On Wednesday, the Organisation for Economic Co-operation and Development (OECD) urged ECB president Mario Draghi to pursue uncapped quantitative easing.

Angel Gurria, secretary-general of the OECD, told the World Economic Forum in Davos on Wednesday: "Let Mario go as far as he can. I don't think he should cap it. Don't say 500bn (euros). Just say, 'As far as we can, as far as we need it.'"

Quantitative easing involves a central bank purchasing assets, typically government bonds, to increase the amount of money available to financial institutions and to encourage lending by banks.

Central banks in the US, UK and Japan have been buying government debt to encourage growth for a number of years.

Source: BBC