Madrid lost out to Rio de Janeiro in the final vote 66-32, which was held here on Friday.

It is the second consecutive time the city has failed in an attempt to host the Games, after losing out narrowly to London four years earlier.

Coghen said: "Being objective, Madrid had the best technical project and the reports recognised that.

"But the members of the IOC decided to give the Games to Rio because it was somewhere new.   

"Rio had the country's President [Lula] as the basis of its bid and the fact that its economy is doing well in the current crisis.

"Lula showed great leadership from the start of the Rio bid and he believed in the project.

"Although that doesn't mean I want to put down our work, which was magnificent and very solid."

Madrid are being encouraged to bid for a third consecutive time for 2020 in the belief that the Games are more likely to return to Europe than they were this time.

Coghen said: "We have to take time to reflect.

"At the moment everything is still too emotional to decide.

"We have seen that decisions are not taken objectively, that other factors influence the votes.

"We have to now wait for our moment."

Alberto Ruiz Gallardon, the Mayor of Madrid, also refused to be drawn as to whether or not the city would launch a bid for 2020.

He said: "We won't decide on a candidacy for 2020 either this year or next year.

"It is something we will have to debate in 2012."