DAVOS, Switzerland (CNNMoney)

The European Central Bank has taken a dramatic step to stimulate the region’s troubled economy, unveiling a massive bond buying program worth at least $1.3 trillion.

President Mario Draghi said the ECB program would cover public and private sector securities including — for the first time — bonds issued by eurozone governments.

Purchases would begin in March at a monthly rate of 60 billion euros ($70 billion) and are intended to continue until the end of September 2016, but quantitative easing could extend beyond that.  Read more