Looks like Monarch has began a codesharing agreement with Air Europa and over the coming months both airlines are going to begin co-operation on routes...
With Air Europa flying to Latin America and the US, it could possibly offer new connections through the airport?
Problem is Air Europa's main hub is Madrid, and not sure if there is enough of a market for Monarch/Air Europa to start competing against easyJet on the route... Also I wonder if Monarch's other bases like LGW, MAN & BHX might be more attractive routes to Madrid.
Could be worth a punt?
'It's not some grand plan': Mantegazza on changes at Cosmos and Monarch - www.travelweekly.co.uk