Arsenal boss Arsene Wenger fears big spending from clubs such as Manchester City, Chelsea and Paris Saint-Germain this summer will cause football to suffer.
Wenger is reportedly on the verge of signing Santi Cazorla from Malaga for £16 million, which would take the Gunners' summer spending to £39 million. However, with Europe's "mega-rich" clubs spending more than double that amount during harsh economic times, Wenger insists clubs must begin to act responsibly.
"We consider ourselves in a privileged position because we have a massive income," Wenger told the Sun. "But overall we are not mega-rich because we do not [have] unlimited resources.
"A club can buy players like PSG has done or Manchester City or Chelsea, with unlimited resources, but overall football suffers. Look at the activity on the transfer market since the start of the summer.
"PSG are ambitious and they have resources and that's it. We talk always about the same things. I don't think anything is new in that domain.
"Europe at the moment is like the Titanic but we live in football like nothing matters. More than ever we have to run our club in a strict way because it looks like everybody suffers in Europe.
"I would be surprised if football is not touched by it at some stage. If you look at debt in football across Europe at the moment it is quite massive and we have to be responsible.
"We have to be ambitious but also make sure we are not getting in trouble financially. It is difficult for us because the wages in some other clubs are very high. But of course our players quite rightly compare themselves to the players of the other clubs."
Despite their investment over the summer, Wenger does not feel Chelsea's recent achievements will change the game in England. Wenger also believes the Blues' Champions League triumph last season demonstrates how competitive the Premier League is.
"I don't see what it could change. Maybe it will wake up the appetite of [Roman] Abramovich again. I'm proud when any Premier League club wins the Champions League.
"It shows how competitive the Premier League is because Chelsea finished fifth in the Premier League and that is the real quality of a team. More than the Champions League it is about where you finish in the league. That just shows how good the Premier League is," said Wenger.