The European Central Bank (ECB) will increase its bond purchasing program in the coming months to boost support for the European Union (EU) economy, which Governor Christine Lagarde expects to shrink by up to 15% this year, according to economists.

One in four respondents expects the ECB to increase its debt purchasing program during the pandemic as early as Thursday when the Governing Council holds a policy meeting. Most economists expect this to happen by September.

The timing, as well as the amount of the increase, is likely to be influenced by the number of governments willing to spend the extra money. European leaders have signed a 540 billion EUR plan to tackle the sharp economic downturn due to the coronavirus, failing to agree on a longer-term recovery program.

Economists predict that the contingency plan for 750 billion EUR will be increased by another 500 billion EUR, with total purchases for all programs exceeding 1.5 trillion EUR this year.

Expectations for more monetary stimulus underscore the key role the ECB plays in trying to cope with the continent’s worst economic crisis since World War II. Eurozone governments are slowly and reluctantly agreeing to joint action, with countries including Germany and the Netherlands competing to share the burden of debt with the bloc’s economically weaker South European member states.

ECB members from all over the region promised to increase incentives if needed. In an emergency meeting on Wednesday, they agreed to temporarily accept some debt, valued as junk bonds, as collateral to ensure that creditors continue to have access to generous central bank liquidity lines.

The decision was made before the eventual downgrade of Italy’s credit rating. In recent weeks, the ECB has “distorted” bond purchases in favor of the Eurozone’s third-largest economy as yields on new Italian debt continue to rise.

Participants in the study do not expect the ECB to cut interest rates further below zero. The interest rate on deposits is already at a record low – minus 0.5% and central bankers have expressed concern that further cuts will hamper lending.

Economists predict that banks will borrow about 750 billion EUR in the other four long-term lending operations – money that had to be used for loans to companies and households.