Flags of the EU fly in front of the headquarters of the European Commission in Brussels, Belgium, June 29, 2020. (Photo: Xinhua)

The European Central Bank (ECB) says it will continue its bond-buying spree into 2022 as it tries to ease the financial burden on EU countries that have been ravaged by COVID-19 lockdowns.

Officials announced more than $600 billion in additional stimulus measures after Thursday's meeting of the ECB Governing Council in Frankfurt. The package includes a notable expansion of the crisis-fighting tools launched in the first-wave of the COVID-19 pandemic last spring.

ECB President Christine Lagarde said after the meeting: "The recovery of the euro area economy should be supported by favorable financing conditions and an expansionary fiscal stance."

The bond buying will leave the European economy with new debts that are expected to last long after the pandemic. This has concerned some governments and banks within the eurozone that are wary of the mounting debt burden.

Lagarde said the bank was "encouraged" by the prospects of vaccines that could be available to most Europeans by next summer. However, she delivered a brutal outlook on how that timeline would correspond with Europe's economic recovery.

She warned that the virus continues to pose serious risks to the euro area, and suggested the economy is likely to contract again in the final three months of the year. Economic monitors did record a rebound in the third quarter that was stronger than expected, but the early winter lockdowns are likely to stunt the anticipated expansion of Europe's economy after the new year.

A strong euro is also creating headwinds for the bank. In recent weeks, the European currency has climbed to its highest level against the dollar since 2018 to - just above $1.21.

The ECB has noted that this is creating challenges because of negative inflation, while pushing away foreign banks that are potentially interested in European bonds.