Canada's finance minister on Wednesday said he was "frustrated" at the lack of action by Europe's leaders to solve their continent's crippling debt problem.

Jim Flaherty told reporters in Tokyo the countries at the centre of the crisis had a responsibility to put their house in order.

"I think you'll understand if I express the view that some of us are frustrated by the failure for clear and decisive action now in Europe because it endangers other economies in the world," he said.

Flaherty, who met his Japanese counterpart Jun Azumi on Wednesday morning, said Europe should not need to turn to global bodies such as the International Monetary Fund.

"Our view is that the eurozone countries themselves have adequate tools and adequate resources to address the crisis themselves," Flaherty said.

"A number of us are of the view that more resources for the IMF are likely appropriate.

"But the primary use of those resources would be for developing and emerging economies and some of the poorer countries in the world that are affected by the crisis in Europe and not for the relatively wealthy countries of Europe," he said.

Europe's spiralling debt crisis has sent global markets tumbling and led to warnings that the world could be plunged into recession.

On Tuesday borrowing costs for Italy broke through the 7.0-percent threshold deemed too high for Rome to service its debts, which has set off alarm bells around the world.