Spanish Economy Minister Elena Salgado on Tuesday said Spain and other countries in the European Union were against the creation of a two-speed Europe.

"We're all in the same boat," Salgado said as she entered a meeting of euro-zone economy and finance ministers to discuss measures to save the single-currency area from splitting up. Earlier Salgado said she also opposed setting a limit to the scope of the European Financial Stability Fund (EFSF) to help out euro-zone members with problems.

Separately, French Finance Minister and government spokeswoman Valérie Pécresse said a beefed-up new Stability and Growth Pact would require euro-zone members to have zero deficits by 2016, with members to adhere to the new demands on a "voluntary" basis.