The euro fell sharply against the dollar on Friday after reports that an Italian minister said Italy should consider quitting the euro and returning to the lira. The euro fell as low as $1.2220 (EUR=) from $1.2290. Against the yen, the euro tumbled down to near 132.25 yen from 132.60 yen. The dollar also jumped against the yen. The report said the minister blamed European Central Bank chief Jean-Claude Trichet for the euro "disaster." The rejection of a new European Union constitution by French and Dutch voters in the past week has raised worries about the future of the euro zone's monetary union.