EUROPEAN Central Bank boss Christine Lagarde insisted that there are “no limits to our commitment to the euro” as the institution launched an emergency €750 billion (£700bn) package to deal with the coronavirus pandemic.

Ms Lagarde tweeted following an emergency phone meeting of the bank’s 25-member governing council, which lasted late into Wednesday evening.

The Pandemic Emergency Purchasing Programme was announced after previous measures failed to ease concerns over the threat to Europe’s economies.

Under the plans the ECB will increase its bond-buying programme, which has been extended to purchasing Greek sovereign bonds for the first time since the country’s sovereign debt crisis by waiving the country’s eligibility criteria.

“Extraordinary times require extraordinary action. There are no limits to our commitment to the euro. We are determined to use the full potential of our tools, within our mandate,” Ms Lagarde tweeted.

French President Emmanuel Macron said he fully supported the measures. “Our people and our economies need it,” he said.

Spain’s Prime Minister Pedro Sanchez said: “These are times of responsibility, solidarity and united action from all the institutions of the EU. We will do whatever it takes.”

The measures are expected to be in place until the coronavirus pandemic is deemed to be over.