Axel Weber, the president of the Bundesbank, on Friday said it was worth assessing the merits of a price-level targeting framework for monetary policy.

Speaking at the Central Bank of Brazil, Weber said: "It is not clear at present whether the costs associated with returning the price level onto the target path would be outweighed by the benefits which accrue from the reduction in long-term price-level uncertainty. Against this background, price-level targeting cannot be regarded as a viable