The business secretary said the UK was well positioned to avoid the kind of crisis engulfing states such as Italy.
“We have a plan; we have a very clear commitment to stabilising our own country’s finances,” he told the Today programme.
“Although we have to think about these very difficult scenarios that could arise, at the moment we have got to think about the world as it is.”
Cable said the government had learned lessons from the 2008 crisis. “I don’t think we should be panicking,” he added.