Arsenal's Ashley Cole was subjected to abuse from the Spanish crowd

The Arsenal boss insisted only a threat to ban Spain from competitions would have been an effective deterrent.

Wenger said: ""I'm not a great believer that financial punishment will help to clear away the problem of racism.

"If the Spanish federation were under threat of being out of European competitions, there'd be more incitement for supporters to behave."

England duo Shaun Wright-Phillips of Manchester City and Ashley Cole of Arsenal were the prime victims during the game on 17 November in Madrid.

The fine handed out to the Spanish FA was just three times as much as Wenger must pay for having accused Ruud van Nistelrooy of "cheating".

Wenger added: "If you take my fine as a benchmark, it was too little. But Fifa apply their own rules.

"Usually, you get much more heavily punished in England by the Football Association than at European or world level."