The ECB did so by slowing the pace of its Pandemic Emergency Purchase Programme (PEPP), which has kept borrowing costs low as governments took on unprecedented amounts of debt
The Stoxx 600 Europe Index was 0.2% lower by 2:15 p.m. in London.
The European Central Bank says it is dialling back some of its massive emergency pandemic support for the economy.
The ECB holds a policy meeting on Thursday at which it is expected to announce a trimming of the pace of its asset purchases
Consumer prices rose 3%
Markets were little changed
With a key European Central Bank meeting on Thursday expected to convey a dovish tone and provide a further boost, the benchmark STOXX index of the region's 600 largest shares rose 0.5%.
The European Central Bank took a first step on Wednesday towards launching a digital version of the euro, part of a global drive to meet growing demand for electronic means of payment
ECB President Christine Lagarde has driven an 18-month deep dive into the inner workings of the bank, challenging even core principles of central banking
The European Commission increased its growth forecast for the currency bloc to 4.8% from 4.3% previously, while predicting better performance in 2022 too
Men accounted for more than 60% of the jobs losses last year
Investor sentiment rose in Europe after the European Central Bank raised its growth and inflation projections on Thursday, and also renewed a pledge to keep stimulus flowing
German 10-year yields hover near six-week lows; Italy-Germany spread near tightest level in a month
Gold prices held steady on Wednesday as bond yields remained under pressure, with investors on the sidelines ahead of more data on US inflation
The poll showed headline inflation would pick up sharply to average 1.8% this year
The European Central Bank will support the euro zone "well into" its recovery from a pandemic-induced double dip recession, ECB chief Christine Lagarde said on Wednesday
Central banks bear some responsibility for financial-market fervor after huge doses of stimulus and liquidity injections to keep economies afloat
The outlook suggests officials still want to guarantee the recovery from last year's coronavirus recession by maintaining ultra-low borrowing costs and asset-buying programs
The ECB is about to release an analysis of the 8,000 responses it received as part of a public consultation process on the potential launch of a central bank digital currency
Germany's biggest bank was one of the few major banks in the world to assign day-to-day oversight of investment banking to its chief executive