The former Prime Minister, who was tipped for such a post in 2009, said it should be created as part of a “grand bargain” of measures to restore confidence following the eurozone crisis.

Speaking to an audience of politicians in Berlin, he said: “The only way confidence can be restored is with a fully comprehensive set of measures that convince markets and public alike that the fundamental issues have been overcome.

“A Europe-wide election for the presidency of the Commission or Council is the most direct way to involve the public. An election for a big post held by one person – this people can understand.” His comments come after he hinted over the summer that he would like such a job but not “at the moment”.

He told BBC Radio 4: “When it came up last time I would have taken it but I’ve no thought of stepping back into European politics at this moment.”