Rehn: Pace of euro decline more of a concern than level

He’s said it before and said it again…It is more about the pace of the euro slide (and the ripple effects) than the level.

Hungary is not in the same situation than Greece, he says while noting that finance ministers have agreed the details of the special purpose vehicle to bailout the PIGS if it becomes necessary.

EUR/USD is consolidating in the 1.1950 area after its early rebound to 1.1990.