The chairman of the Eurogroup of euro zone finance ministers, Jean-Claude Juncker, dismissed concerns on Sunday that Hungary might face a Greek-style debt crisis and said the current level of the euro did not worry him.
The situation in Hungary doesn't worry me, Juncker, who chairs the regular monthly meetings of euro zone finance ministers, told TV5 Monde and Radio France Inter in an interview due to be broadcast later on Sunday.
Fears of a Hungarian debt crisis pushed the euro to a four-year low against the dollar on Friday and reignited concerns that more Eastern European nations could reveal financial frailties.
However, Hungary's government said on Saturday it aimed to meet this year's budget deficit target and described talk of a debt crisis as exaggerated.
Juncker, who is also Prime Minister of Luxembourg, also said he was not worried by the current level of the euro, although he had been taken aback by the speed at which the euro has recently fallen.
He backed calls from European politicians for Europe to have its own ratings agency, following criticism of rating agencies for their role in the global credit crisis.
Juncker also said he felt that China's yuan currency was undervalued, echoing similar criticism of China's monetary policy from other politicians.
China's currency policies were spared a specific mention in the Group of 20 communique on Saturday, but U.S. Treasury Secretary Timothy Geithner and the International Monetary Fund kept up pressure for a stronger yuan.
On June 3, Juncker said that steps taken by euro zone members to deal with their debt crisis would be sufficient if markets understood them and governments treated seriously the conditions under which help is provided.
(Editing by James Mackenzie and Karen Foster)