ECB surprises markets by scaling back QE programme

Eurozone's central bank leaves interest rates unchanged but slows pace of asset purchases from a80bn a month to a60bn

The European Central Bank has vowed to continue with its programme of electronic money printing to shore up the eurozone recovery but surprised financial markets by reducing the amount of stimulus it expects to provide each month.

The single currency bloc's central bank left interest rates unchanged and said it would continue its programme of quantitative easing (QE) to next December or beyond "if necessary", marking an extension to its previous guidance that the scheme would run until the end of March.