The Chancellor has placed too much emphasis on austerity, and sought cover in the euro crisis, the Finance Secretary told Scottish businesses on Monday.
John Swinney launched a fresh attack on George Osborne's fiscal and economic policy when he addressed a business audience at Glasgow Caledonian University's School for Business and Society.
Mr Swinney commented on the impact of the euro crisis on Scotland, and emphasised the need for a swift resolution.
He challenged the Chancellor's assertion that the eurozone crisis is "killing off" economic recovery and said the UK economy is stalling because of the Chancellor's own fiscal and economic policy.
Mr Swinney said: "On my visits across Scotland as Finance Secretary, I see a business community that is working hard to achieve success both domestically and internationally despite the challenging economic and financial backdrop.
"The Scottish Government is providing all the support we can to these businesses under the current circumstances. Within the limited powers we have we have already ensured that Scotland has the most competitive business rates in the UK and we are now seeking to do the same with our new responsibility for property transaction taxes.
"We also continue to lobby the Chancellor to stop his emphasis on austerity and start the businesses of promoting growth with an approach based on boosting public sector capital investment, improving access to finance and encouraging new private investment; and enhancing economic security.
"I am continually reviewing the support the Scottish Government gives to economic recovery and I give the assurance that I will pursue any appropriate opportunities to take more action within the constraints available to me."
George Osborne warned over the weekend that Britain's prospects for economic recovery are being "killed off" by the crisis in the eurozone.
In some of his strongest comments to date, the Chancellor voiced his exasperation at the repeated failure of the eurozone nations to find a permanent solution to end the financial turmoil.
Writing in The Sunday Telegraph he said: "The lesson of the last two years is that treating the latest symptom does not cure the underlying conditions."
While there were signs a solution to the latest bout of uncertainty in the Spanish banking system was on the cards, Mr Osborne said it would not be enough to end the threat to the UK economy.
He said: "Our recovery - already facing powerful headwinds from high oil prices and the debt burden left behind by the boom years - is being killed off by the crisis on our doorstep."