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Olli Rehn, the European Commissioner for Economic and Monetary Affairs, says that the Greek debt crisis revealed that part of the rapid growth and improved employment in the European Union was based on unsustainable indebtedness that built up during the first ten years of Monetary Union.
Rehn was speaking at the annual meeting of the National Defence Course Association in Helsinki.
"The boom, which was based on low interest rates and rapid indebtedness in the periphery of the euro zone, created an erroneous image of the power of the euro zone", Rehn said.
Rehn also stated (not reported in English) that he regarded the worst of the economic crisis in Europe to be over and expressed his concern over inequality between the world's economic zones and also of the imbalance between the Chinese currency and the Euro.
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