The European Central Bank confounded monetary hawks by extending its economic stimulus programme until at least September next year, pushing down the euro as investors digested Mario Draghi’s refusal to call the end to crisis-era measures.

The ECB said stimulative bond purchases would be halved to €30bn a month but the commitment to keeping the programme open-ended sent European shares higher as markets anticipated access to cheap money for longer.

The ECB decision had been eagerly awaited, with many in Germany pushing Mr Draghi to set a firm end date to the €2.1tn programme amid signs that eurozone growth has become stronger and more sustained. The ECB has been the most active investor in the region’s bond markets since the scheme, or quantitative easing, began in early 2015.