The euro rose against most of its major counterparts on speculation the European Central Bank will take steps at a meeting this week to stem the rise of the region’s sovereign-bond yields.

French President Francois Hollande buoyed the shared currency earlier, saying all will be done to defend and preserve it. He and Italian President Mario Monti issued a joint statement after meeting in Paris today.

Draghi has a proposal that involves the European Financial Stability Facility buying government debt on the primary market, buttressed by ECB purchases on the secondary market to ensure lenders transmit its record-low interest rates, two central bank officials said on July 27 on condition of anonymity. Further ECB interest-rate cuts and long-term loans to banks are also up for discussion, one of the officials said

The shared currency pared gains after the German Finance Ministry said in an emailed statement it sees no need to give Europe’s rescue fund a banking license.

The pound tumbled for the first time in four days against the euro after Moody’s Investors Service lowered its forecast for U.K. economic growth.