The European Central Bank will overhaul its communication strategy and stop using "code words" to signal interest rate changes when the current tightening cycle ends, according to a leading member of its governing council.

Axel Weber, Germany's Bundesbank president, indicated in an interview with the Financial Times that the ECB would drop the use of phrases such as "strong vigilance" - used to indicate that borrowing costs would rise in one month - and hinted he had become frustrated at their use.