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Osborne urges action

BRITAIN'S finance minister George Osborne has urged Europe to 'put its own house in order' in 2011 and restore confidence in the euro. Mr Osborne called on eurozone countries to shore up the bloc's banking woes and to create a convincing package of measures early this year as an urgent requirement.

"On deficits, growth and banks, 2011 is the year Europe must put its own house in order," said Osborne, in the Financial Times.

"The sense of crisis may have eased, but wide spreads and high market interest rates still stalk several European economies."

Of 91 banks tested in July, only seven were found to be vulnerable to economic stress. Bank of Ireland and AIB also passed the tests, but were propped up by the state a few months later.