FRANKFURT, Germany (AP) — The European Central Bank is launching a new, expanded program to buy financial assets in a bid to calm markets roiled by the virus outbreak.

The purchases are aimed at keeping borrowing costs down and making sure the bank's low rates get through to the economy.

The bank said Wednesday that the purchases could total up to 750 billion euros ($820 billion) by the end of this year and will include government and private-sector bonds as well as commercial paper.

The move comes as market borrowing costs for heavily indebted Italy rose and as the eurozone faces a drastic economic slowdown with many businesses closed. The purchases can drive down those market interest rates and reduce fears that indebted countries could get into financial trouble.