Oct. 12 (Bloomberg) -- European Union Economic and Monetary Affairs Commissioner Olli Rehn said financial market turbulence arising from the euro area’s debt crisis is impinging on bank lending.

“The financial market turbulence which stems from the sovereign debt crisis is having very negative ramifications on the banking sector and its lending capacity and even more important, taking a very heavy toll on economic growth and job creation in Europe,” Rehn told the European Parliament in Brussels today.

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