RANKFURT (AFX) - Bundesbank president Ernst Welteke said it is not the task of the European Central Bank to stimulate growth in the euro zone, but to stabilize prices. Welteke said the ECB's duty is not the same as that of the US's Federal Reserve, which has the different brief of ensuring employment and growth goals are met. "The ECB governing council does not have the task of steering the economy, but stabilising the value of money," Welteke said in the text of a speech to the Hessen Investment Bank. "The best contribution monetary policy can make to growth and employment is stable prices," he added. Welteke said some forward looking indicators are now also pointing to a possible recovery in the euro zone economy. Welteke noted the latest German Ifo business confidence survey showed a slight improvement in the business climate and business expectations. "Some preliminary indicators show a possible recovery in the economy," Welteke said. "Other indicators (alongside Ifo) point to confidence," he added. He said there are signs private consumption in Germany made a positive contribution to the German economy in the first half, showing that tax reforms have had an effect on households. On euro zone inflation, Welteke said prices have "significantly" weakened recently, and the latest August readings from Euro zone regions show a "falling tendency". He said the past rises were mainly due to special effects. "The aim of the ECB governing council to keep the effect of second and third round effects in check has been reached up until now", he added. Welteke said the low long-term level of interest rates on the money markets is not evidence of high inflation expectations, and also does not mean monetary policy is having a restrictive effect. He noted the long term rates in the euro zone were lower than those for the US up until a few days ago. He said although the downward trend of M3 money supply growth has been broke n in recent months, the ECB has indicated that special factors are distorting the numbers higher.