Yahoo TV

As millions wait for coronavirus vaccines to be deployed, the euro zone's economies continue to take a battering.

In a bid to lift the currency bloc out of a double-dip recession the European Central Bank rolled out yet more stimulus measures on Thursday (Dec 10).

With many businesses shuttered, unemployment surging and debt hitting record highs, central bank cash has thrown governments and firms a lifeline this year.

Making good on its promise to keep supporting the economy during the pandemic, the ECB expanded its debt purchase scheme.

It also agreed to provide banks with even more ultra-cheap liquidity as long as they keep passing the cash onto companies.

ECB Chief Christine Lagarde:

"We decided to increase the envelope of the Pandemic Emergency Purchase Programme (PEPP) by 500 billion euros, bringing it to a total of 1,850 billion euros. We also extended the horizon for net purchases under the PEPP to at least the end of March 2022."

That news was in line with market expectations.

The bank released new projections putting euro area growth next year at 3.9% compared to an earlier forecast of 5.5%.

Lagarde expressed hope that by the end of 2021, mass vaccination will have created sufficient immunity for the region's huge services sector to get back to some level of normality.

But added a note of caution.

"The pandemic continues to pose serious risks to public health and to the euro area and global economies."

The immediate future also carries the prospect of a possible triple shock...

A lingering second wave of the pandemic, a hard Brexit and a delay in the EU's $908 billion recovery fund.

But all three are seen as temporary issues, with political strife likely to be resolved and the pandemic easing by the spring.

That leaves the ECB with the task of getting the bloc through a difficult winter.