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Madrid intends to push for greater economic powers to be placed in the hands of the European Union during its time at the helm of the bloc's six-month rotating presidency next year.

Spanish Prime Minister Jose Luis Rodriguez Zapatero said on Tuesday that the crisis had offered up firm evidence that economic governance was needed at the EU level, long a position of the French government as well.

"I agreed with President Sarkozy that if the European Union really wants to be a political union, which works for its citizens, it has to have a much more solid economic government and with tools," the Spanish leader told reporters after receiving a two-day visit from his French counterpart.

"I can't see a single market, a single currency, then not see an economic government with powers, with tools."

Currently fiscal policy is set at member state level with a degree of co-ordination between finance and economy ministers.

What greater degree of co-ordination or centralisation was not defined.