Nick Clegg has defended the Liberal Democrat's record in government over the past year, but has warned that Britain is in for a tough 2012.
In a New Years message released on Wednesday, the deputy prime minister said the coalition's "economic rescue mission" was not yet over.
"When I recorded this message last year I spoke about how the most important job for Liberal Democrats was dealing with the economic problems we inherited," he said.
"Twelve months on, that task remains the number one priority for our party and the Coalition.
"We have had to make some very difficult decisions, but they've been the right ones for the long-term good of our country. A country that was at risk of falling prey to the international markets has been pulled back from the brink.
"We only need to look at what is happening in countries on our European doorstep to see what we could have ended up dealing with in 2011.
"But that economic rescue mission is not over yet and there is much more we must do. That's why, thanks to the Liberal Democrats, the government has been helping people get through these difficult times with measures to make life fairer and easier."
"Throughout, we have taken big long-term decisions that will change the way our economy works for the better - rebalancing our economy away from the City of London towards stronger, more sustainable growth. And next year we will do more."
He added: "What we're doing as a party, and as a coalition, it's not easy, but it's right. We are putting the interests of the country first, and we have taken the first steps towards building a fairer, greener and more liberal country.
"We have worked flat out to restore confidence in the economy and started to transform Britain for the better. It's an ambition of which we should be proud.
"There are no easy years when you are in government, and we have had to show real strength in 2011. The next year will be one that poses many great challenges for everyone in Britain, but I know we must continue to do what's right for our country."