Aer Lingus and other members of the One World Alliance plan to strengthen their existing relationship rather than attract new partners to achieve greater cost savings, Iberia Lineas Aereas de Espana chief executive Mr Xabier de Irala said.
Speaking at a news conference, Mr de Irala said One World members will seek to generate savings through such measures as joint purchasing and the sharing of facilities, especially for aircraft maintenance.
"The future of these alliances is consolidation, but the current regulatory environment makes this impossible," he said.
The focus for the time being will be on boosting co-operation between One World's existing partners, which also include British Airways, Qantas Airways, Cathay Pacific Airways, Finnair and LanChile, Mr de Irala added.
Since its creation three years ago, One World estimates that members have benefited from savings worth 2 billion euro.
Separately, One World chief executive Mr Peter Buecking said that with the exception of the possible incorporation of KLM Royal Dutch Airlines NV, One World is not seeking to attract new members to the alliance.
"One World would be delighted" if KLM were to join, he said, noting that the Dutch airline can offer "real value".
PA