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Madrid has proposed deeper integration of the 19 countries using the euro, implementing euro bonds, an anti-crisis budget and a common unemployment insurance scheme.

Mr Macron has also spoken out about the need for the European Union to change as he wants a tougher bloc on trade and foreign investment, claiming the euro will fail in 10 years without reform.

Spain is now asking for a real economic government claiming the euro is an unfinished project.

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Its clear that we need to improve the governance of the eurozone

Spains foreign minister, Alfonso Dastis

The countrys government has slammed the euro claiming Europes recent recession revealed critical errors in the design of the currency.

Madrid also said Brussels came up with solutions for only short-term needs.

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Spains economy ministry blamed the eurozone for high unemployment rates in countries most affected by the crisis.

Spains foreign minister, Alfonso Dastis, said: Its clear that we need to improve the governance of the eurozone.

The banking union will be the key test.

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Spain has proposed a common budget for the eurozone, a shared anti-crisis budget, unemployment insurance, a treasury, euro-bonds and a banking union.

In a report sent to Brussels, it says: The shortcomings in the euros architecture explains the differential impact of the last crisis.

The euro does not just need firefighters, it also needs architects.

The European project can only endure if its citizens see that it provides sustainable and inclusive prosperity levels.

Spain has also requested more democratic control over institutions such as the Eurogroup.

The European Commission is set to release its own report on the future of the euro at the end of this month along with reflection papers debating ideas for Europe in 2025.

Mr Rajoy has recently visited China to discuss trade links with the Asian superpower.

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Now Spain demands major EU reforms as it rages at eurozone for causing 'huge unemployment' - Express.co.uk