The head of the eurogroup of finance ministers has said he is concerned at the speed of the euro's fall on foreign exchange markets, though not about its current levels.
Jean-Claude Juncker, who is also Luxembourg's prime minister, was speaking as he arrived for a meeting of the 16 eurozone finance ministers in Brussels.
The euro plunged to a four-year low in Asian trading overnight as fears about eurozone debt continued to affect the single currency.
It fell to $1.2234, the lowest level since April 2006, before recovering in European trading this evening to $1.2324.
Meanwhile, a German government spokesman has said the country will set out wide-ranging proposals to strengthen Europe's budgetary rules on Friday.
However finance ministry spokesman Michael Offer would not comment on reports that Germany would push for an EU equivalent of its own debt-limiting law.
He told reporters the EU Stability and Growth Pact had not been enough to prevent 'bad budgetary trends' in Greece and other eurozone countries.
Mr Offer said Finance Minister Wolfgang Schauble was preparing for a meeting hosted by EU president Herman Van Rompuy on Friday 'to discuss there with other euro area countries measures to ensure that the eurozone as a whole is strengthened'.
He said Germany would propose measures in three areas: better prevention of budgetary crises; improved political co-ordination and surveillance; and 'a firm framework' for tackling crises in the eurozone.
But he would not comment on reports that Berlin would seek to impose a European version of its own 'debt brake', which enshrines in the constitution a limit on running overly high deficits.
The Financial Times reported that Germany would lobby in Brussels for an EU form of its debt brake that prevents the federal government from running a deficit more than 0.35% of output.
EU rules require member states to run budget deficits of not more than 3% of gross domestic product, but many have breached that level significantly, with Greece's annual shortfall put at nearly 14%.
