The president of the Bundesbank, Axel Weber, said central banks should consider whole economic cycles, rather than simply shorter-term "snapshots", when they are setting monetary policy.

While retaining their focus on price stability, they should also extend the period over which they examine the economy, he said.

Speaking at the Konstanz Seminar on Monetary Theory and Policy, Weber, who sits on the rate-setting council of the European Central Bank (ECB), said: "A more symmetric policy would also