The ECB said in a statement that it will respond "as appropriate" to the unfolding situation when it meets again in December, ensuring that "financing conditions remain favourable to support the economic recovery and counteract the negative impact of the pandemic" on inflation.
The ECB "has clearly indicated its intention to provide more support in December," according to chief Europe economist at Capital Economics, Andrew Kenningham. "The new restrictions announced in France and Germany, and likely to be replicated elsewhere, will probably tip the eurozone economy into another recession," he wrote in a research note on Thursday.
France and Germany on Wednesday announced wide-ranging restrictions to stem a second wave of coronavirus infections.
France will begin a four-week nationwide lockdown starting next Monday. Non-essential businesses, restaurants and bars will be closed and people will only be allowed to leave their homes to go to work, care for relatives, keep a medical appointment, visit the grocery store or for exercise. France's lockdown will last until December 1 "at minimum," President Emmanuel Macron said.
In Germany, bars restaurants and cafés will shut starting on Monday except for takeout services. Theaters and concert halls will stop operating, as will amateur and recreational sports facilities. Schools will remain open in both countries.
This is a developing story and will be updated.
— Fred Pleitgen, Tara John and Claudia Otto contributed reporting.