The former Real Madrid director feels that La Roja's all-conquering side are marginally better than their South American counterparts, and credit must go to Vicente del Bosque
Vicente del Bosque's side became the first international team in history to win three consecutive major tournaments by retaining their European Championship crown after beating Italy 4-0 in the final on July 1.
And Valdano feels that La Roja can be compared with the World Cup-winning Selecao side of 1970, but he praised Del Bosque for retaining a style of play that so many of their rivals have failed to cope with.
"I was excited by the Brazil team of 1970," the Argentine told reporters in Bogota. "I was 15 years old, and it was the first time I saw a World Cup.
"I was fascinated by that team, but I have to say that Spain are making me feel a similar way, but with more continuity.
"Brazil of 1970 were just Brazil of 1970, but Spain was European champions, then world champions, the again in Europe, and I think that they should get credit for giving continuity to a team that has a coach with a defined style which their opponents cannot figure out.
"To talk about mentality, you have to talk about training, about working with youths. This is where Spanish football is different from the competition - because of its work with the lower leagues.
"Clubs like Madrid, Barcelona, Valencia, Villarreal, Sevilla and Athletic Bilbao, amongst others, are real life schools where players learn to play, but also how to be a team, and that shows."
Valdano, who won the 1986 World cup with Argentina, went on to say that the European Championship came at a convenient time for the continent due to the continued effects of the financial crisis.
"Football is nothing short of a gigantic social trade-off. The tournament will not solve any of the problems in Spain, but it provides some respite and helps improve morale."