The Bundesbank has said newspaper claims that Axel Weber, the president of the central bank, compared the current market turmoil to a classic bank run were "partially misleading".

The Financial Times newspaper reported on Monday that Weber had said the recent bout of volatility had all the hallmarks of a banking crisis at the Jackson Hole summit. The newspaper quoted him as saying: "What we are seeing is basically what we see underlying all banking crises." The heading placed by the FT sub