Financial stability should not be an explicit target of monetary policy, said Axel Weber, president of the Bundesbank, in a speech on Tuesday. Weber argued that monetary policy is a "blunt tool" in counteracting asset price bubbles, and suggested that central bankers' ability to correctly identify and classify such bubbles according to their causes was somewhat overstated.

He said however that the role of central banks should be strengthened, describing them as "key" to macroprudential