LUXEMBOURG -(Dow Jones)- The preservation of price stability must remain central banks' main objective as they get increasingly involved with safeguarding financial market stability, a key member of the European Central Bank's governing council said Tuesday.

Speaking at an event in Luxembourg, Axel Weber welcomed initiatives that see central banks getting more involved in financial market oversight, but cautioned against "hasty adjustments" to central banks' mandates and "overly ambitious targets."

"The key concern of central banks--to preserve price stability--mustn't be weakened, nor should central banks' independence be jeopardized," said Weber, who is also the president of the German Bundesbank.

Regulators and supervisors must continue to play an important role in preserving financial market stability, he said.

-By Nina Koeppen, Dow Jones Newswires; +49 171 569 4340; nina.koeppen@dowjones.com

(END) Dow Jones Newswires

11-03-09 1215ET