George Osborne; UK's Chancellor of Exchequer said that U.K will call upon the EU to raise bank capital reserve along with imposing tougher regulations that aims to reduce government's debt in order to bolster economic recovery.

Treasury officials said that Osborne will say that On deficits, growth and banks, 2011 is the year Europe must put its own house in order, adding that This means confronting the difficult issues holding back confidence and growth.

Osborne said in the Financial Times today that The euro-zone must follow the logic of the single currency and stand more convincingly behind the euro, adding that regulators will need to place a comprehensive package early this year to address continuing market concern in regards of Europe's debt problems.