With a number of investments in Europe, Ross said in a "Squawk Box" interview: "Finally some big central bank has done it."
The ECB took the unprecedented step Thursday of imposing a negative interest rate on banks for their deposits—in effect charging lenders to park money with it.
Among the other initiatives, the ECB said it would lend to banks at low interest rates—in order to encourage them to lend to households and nonfinancial corporations.
Ross, who invests in distressed assets, recognized the push-pull effect here—at a time when regulators are asking banks to keep more capital.
"It's the same type of contradictory situation that we've had in the States for a while," he said. "We put TARP money into banks and then we take it back by fining them, which is kind of a peculiar way to deal with the banks."
That aside, Ross believes that a psychology change is needed and the ECB has taken steps to flip the switch in the minds of investors.
He said he'd be more likely to put money to work in Europe. "The more things that [ECB President Mario Draghi] has done to put a floor under how bad things can get, the safer it is to invest."
Ross and other international investors recently invested $1.8 billion in Eurobank—becoming the bailed-out Greek bank's biggest shareholders in another sign of growing market confidence in Greece.
He told CNBC on Friday that he's fairly sure the ECB move will be helpful to Eurobank.
In one of his first major European investments after the 2008 financial crisis, Ross put money into the Bank of Ireland in 2011, which helped keep it out of state hands at the height of the euro zone debt fallout.