"Individual countries need to demonstrate beyond doubt that they have credible plans to deal with excessive deficits, improve competitiveness and strengthen banking systems," Osborne said according to extracts from the article released by the Treasury.
"In this respect, Britain's experience contains an invaluable lesson for all developed economies: it is possible to earn credibility and get ahead of the markets through decisive action," he said.
"But by its nature a global crisis cannot be solved by countries acting alone," he said.
"Euro zone countries must now act swiftly to deliver on what they have promised. Euro area institutions need to do whatever is necessary to ensure financial stability in the euro area, as I am sure they will."
Osborne's comments were released as political and financial leaders gave their first sign of readiness to battle a debt crisis gone global and the European Central Bank signalled on Sunday it would start buying Italian and Spanish debt, a critical move to quell a bond rout that has rocked financial markets.
In Britain, the government has pledged to eliminate a budget deficit of some 10 percent over the next four years, putting in place tough austerity measures, which include tax increases and unprecedented cuts in public spending.
However, the government has increasingly come under pressure to boost growth as the economy is faltering.
