European Central Bank (ECB) staff presented policy makers with models for buying as much as 500 billion euros (US$591 billion) of investment-grade assets, according to a person who attended a meeting of the Governing Council.

Various quantitative-easing (QE) options focused on government bonds were shown to governors on Jan. 7 in Frankfurt, including buying only AAA-rated debt or bonds rated at least BBB minus, the euro-area central bank official said. Governors took no decision on the design or implementation of any package after the presentation, according to the person and another official who attended the meeting. The people asked not to be identified because the talks were private.

A 500 billion-euro purchase program would take the ECB halfway toward its goal of boosting its balance sheet to avert a deflationary spiral in the euro area. The institution is also buying asset-backed securities and covered bonds, and government bond-buying would be part of fresh stimulus to be considered at the Governing Council's Jan. 22 meeting.