FRANKFURT—The European Central Bank said it would vastly scale up its bond-purchase program to €1.35 trillion ($1.52 trillion), a move aimed at easing pressure on the region’s embattled governments and putting its stimulus effort in league with the Federal Reserve’s.

The ECB’s decision, more aggressive than expected by analysts, should help to absorb much of the €1 trillion or more of additional debt that eurozone governments are expected to issue this year as they battle the coronavirus pandemic. It comes amid growing concerns…

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