IAG is not seeking to acquire new airlines in Europe, but does not rule out pursuing targets elsewhere.
Speaking at the World Low Cost Airlines Congress in London, IAG chief executive Willie Walsh said most airlines for sale in Europe are "vulnerable" and have weak cost bases and market positions, making them unattractive acquisition targets.
"Consolidation in the European market will be through weak airlines disappearing; airline groups that can grow profitably can fill any capacity gaps," he adds.
However, Walsh says the group continues to "consider acquisitions on a global basis".
He dismisses suggestions that Qantas could be a target.
Walsh also emphasises that IAG will continue to maintain a arm's-length control of its most recent acquisition, Vueling, to ensure that the Spanish airline remains low-cost.