Monday saw the common currency of the European Union fall to its lowest value in two years against the U.S. dollar, according to Bloomberg.
Euro zone finance ministers were set to meet in Brussels to follow the June meeting's plan. Mario Draghi, president of the European Central Bank, is set to speak but expectations are low for the meeting's upshot.
"The euro has moved a great distance in a short period and there is a risk of a bit of a correction. But unless it rises through $1.241 it will still be worth fading any rallies," currency strategy head Jeremy Stretch with CIBC told Reuters. "There is nothing too positive expected from the Eurogroup meeting or from a speech by Draghi this afternoon. There is a fairly pessimistic tone towards the euro."
French finance minister Pierre Moscovici said one drive is to enhance solvency of banks in Spain.
In Brussels last month, leaders drafted a plan to address the best strategies and methods of aiding banks and states that are suffering under the duress of the sovereign debt crisis, which has been attacking the 17-nation bloc for almost three years.
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