ECB says euro 1.7 billion of covered bonds bought last week

The European Central Bank said it settled euro 1.704 billion ($2.2 billion) of covered-bond purchases last week as it started its latest effort to revive the Euro area economy.

The Frankfurt-based institution began purchases on October 20, returning to the market for a third time in six years as part of a renewed attempt to stave off deflation and pump life into a moribund recovery.

Investors have been closely watching the ECB's first week of asset buying to gauge how quickly President Mario Draghi plans to fulfill his pledge of expanding the institution's balance sheet by as much as euro 1 trillion. Even though the ECB will add asset-backed securities to the purchase plan this year, stimulus may not be enough to revive the region's economy.