The European Central Bank is said to propose expanding its stimulus to include monthly purchases of €50 billion in sovereign debt through the end of 2016.

The proposal was circulated among the ECB’s Governing Council, according to two euro-area central-bank officials, who have seen the document. Policy makers are set to meet in Frankfurt on Thursday.

The ECB declined to comment. Member Ewald Nowotny said at a Euromoney conference in Vienna on Wednesday that bankers should not get carried away by one meeting and "have a longer-term view."

“The market’s reaction suggest it was expecting something big from the ECB,” said Allan von Mehren, chief analyst at Danske Bank in Copenhagen.

“Expectations were fairly high for the meeting. If it is €50 billion, it would be a positive surprise and I think you would see more market impact if the number is confirmed.”

Bloomberg