The European Central Bank said it will start its new government bond-buying program on March 9, hoping that pumping new cash into the sagging eurozone economy will boost growth and lift inflation.

The ECB will purchase sovereign debt until at least September 2016.

"We will on 9 March 2015 start purchasing euro-dominated public sector securities in the secondary market. We will also continue to purchase asset-backed securities and covered bonds which we started last year," ECB President Mario Draghi told a news conference after the bank's policy meeting in Cyprus.

The buying will start as the eurozone shows signs of accelerating growth with major consumption and leading indicators beating forecasts since the ECB unveiled the asset purchase plan on Jan. 22.

Draghi said that the ECB's moves would support the emerging data.

The ECB plans to spend 60 billion euros ($66.74 billion) a month on buying sovereign bonds, and some private sector assets.