Do they have anything in Madrid equivalent to the public transportation weekly passes one can buy in London, Parism or Rome? Or is it just the 1.15 euro tickets only for each trip? I am going with my family (2 adults/3 teenagers) over Christmas/New Years holidays for 2 weeks and was just wondering.

There is no weekly pass, but you can buy a ten trip ticket good on bus or Metro that cuts the cost per trip in half. Downside over a weekly pass is that each time you change buses you have use a trip and there is no transfer between Metro and bus or bus and Metro. For Metro, you pay one fare for the entire trip regardless of how many changes of trains you make.

It also costs 5.80€ per the 10 trip ticket. So all things considered that is pretty cheap even though you don't get a transfer.

There is a weekly pass. It's called Abono turístico . It's so popular that ChrisR didn't know about it even though she lives in Madrid :p

In my opinion, it's expensive and, unless you travel a lot, you'll save money if you buy 10 trips tickets. Note that if you are staying somewhere in a central location you won't probably need public transportation.

Wow, a weekly pass!! I've never met anyone using one and I've been here for two years. I'll have to check it out for other reasons.

It's 18,40 for all public transport witin zone A for 7 days.
http://www.metromadrid.es/default.asp?id=168#abonos