EU's Rehn: Global turmoil requires global solution (by William L. Watts)

FRANKFURT (MarketWatch) -- Global market turmoil requires a global response, with coordination at the level of the Group of 20 and Group of Seven nations of "critical importance," Olli Rehn, the European Union's commissioner for economic affairs said at a news conference in Brussels on Friday. Rehn said recent market movements in Italy and Spain, where government bond yields have soared, weren't justified by economic fundamentals and were "incomprehensible." Rehn said euro-zone officials would move quickly to complete technical details of the July 21 plan to revamp the region's rescue fund, changes that are aimed at stopping the spread of the sovereign-debt crisis. Technical details should be finalized by early September, he said.