Market turmoil: Stay calm and breath deeply, says Olli Rehn

The European Commissioner for Monetary Affairs, Olli Rehn, has dismissed as unjustified the unrest on the global financial markets because of fears about the stability of some eurozone economies.

There have been further sharp falls on stock exchanges across Asia and Europe, ending a week of turbulence on the global financial markets.

Mr Rehn said neither Italy nor Spain would need a financial bail out.

But speaking to the BBC, Mr Rehn said all eurozone countries had a responsibility to deal with the crisis.