EU's Rehn urges reform, asks markets for patience

BRUSSELS (Reuters) - The euro zone's devastating debt crisis is not over but financial markets must be patient in waiting for the effects of reforms to avoid pushing the bloc into a liquidity crisis, the EU's top economic official said on Tuesday.

"The crisis has damaged the European economy and affected the jobs and the welfare of Europeans, and this crisis is by no means behind us," EU Economic and Monetary Affairs Commissioner Olli Rehn told the European Parliament.

"It will take time, structural reforms often take a long time," Rehn said. "Markets however, tend to be impatient and this impatience can push sovereigns or banking institutions into a liquidity crisis that could surely endanger financial stability."

(Reporting By Robin Emmott and Jan Strupczewski)