Turmoil on sovereign debt markets could still derail economic recovery in Europe, EU Economic and Monetary Affairs Commissioner Olli Rehn said on Wednesday.

The turmoil in the sovereign debt markets has cast a serious shadow over financial stability in Europe, which could ... derail the still nascent recovery of the real economy, Rehn said.

Speaking at the European Parliament, he also said it was necessary to tackle global imbalances, most notably between the United States and China.

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