Labour leader Ed Miliband said he had coined a new phrase - "Cam-Mer-Kozy economics" - to sum up the approach taken by the Prime Minister, German Chancellor Angela Merkel and former French president Nicolas Sarkozy over the last two years to tackling the eurozone crisis.
He added: "It's about collective austerity and it hasn't worked.
"It is time to wake up and recognise it and that's what the Prime Minister needs to do.
"Over the last few days he has found himself beached somewhere between President Obama and President Hollande and Chancellor Merkel, not quite sure where he is."
Spain's Economic Secretary has said that there had not been an exit of deposit funds from troubled bank Bankia, according to Reuters.
Economic Secretary Fernando Jimenez Latorre said: "It's not true that there is an exit of deposits at this moment from Bankia".
El Mundo newspaper had reported earlier that Bankia had lost over 1 billion euros in deposits, around 1% of retail and corporate accounts, over the past week.
Spain's fourth largest financial lender Bankia is now the eighth bank to become nationalised since the start of the Eurozone crisis, according to Spanish newspaper El Mundo.
The government took over Bankia, the country's fourth largest lender, on May 9 in an attempt to dispel concerns over the bank's ability to deal with losses related to a 2008 property crash.
Shares in Bankia, Spain's fourth largest bank have tumbled as much as 26% today, El Mundo newspaper has reported. This follows a report that customers withdrew more than 1 billion euros from their accounts since the country's government took over the bank last week.
The newspaper reported that the newly appointed chairman, Jose Ignacio Goirigolzarri, informed a board meeting that customers had pulled out funds since the bank was taken over by the government.
Uncertainty over the final cost of Spain's banking reform has stoked investor fears that an expensive international bail-out could be on the cards, putting the survival of the euro zone at stake.
Customers of the troubled Spanish bank Bankia, nationalised last week, have taken out over 1 billion euros from their accounts over the past week, El Mundo newspaper has reported.
According to the newspaper shares traded today at 1.187 euros, which means that since its debut on the stock exchange last July with 3.75 euros, it has already lost 68% of its value.
Shares have now fallen by as much as 26% on the Madrid stock market, following reports of customers withdrawing funds.