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Spain's Salgado rejects idea of two-speed Europe

Economy minister also opposes setting a limit to the scope of the European Financial Stability Fund

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.