Articles by JP Marin Arrese

About the Author

JP Marin Arrese
Juan Pedro Marín Arrese is a Madrid-based economic analyst and observer. He regularly publishes articles in the Spanish leading financial newspaper 'Expansión'.
Alberto Garzón

No Minister

J.P. Marín Arrese | Politicians coming into office usually trust the advice of professional and seasoned civil servants, thus preventing ill-judged decisions or blunders likely to ruin their careers. Top aides excel at dismissing fancy ideas while pretending to obey them. That is the case in Germany, the UK or France. Alas, in Spain, they seldom follow that pattern, preferring to surround themselves with friends and inexperienced party fellows. If…


Lagarde Powell

A Tale of Two Central Banks

J.P. Marín Arrese | Charles Dickens opens his novel by describing the contrast between the sedate life in London and the bloody spasms shaking Paris under the Revolution with the famous sentence: ‘It was the best of times, it was the worst of times…’. While the current economic scenario bears little in common with the dramatic events described by the prominent author, we enjoy a robust recovery but face an…


pedro sanchez preocupado

Will The Spanish Budget Deliver A Fair Recovery?

J.P. Marín-Arrese | The Spanish government boasts that the tabled budget will benefit most citizens, from pensioners to young people, self-employed people or civil servants. It hopes targeting such groups will pay off when election time comes. The government is also pinning its re-election hopes on the bonuses it will give young people to help them find a place to live on their own and on the money for entertainment…


spanish companies

Increasing Scarcity

J.P. Marín-Arrese explains in the daily Expansión that “A little over a hundred years ago, a conservative parliament validated the Bugallal decree. It froze rents, extended their validity for life and established serious obstacles to evictions, in order to stop a tenants’ strike. Compared to that measure, the one today being forged under pressure from the purple wing of the government (Podemos) pales in comparison due to its lukewarmness. The…


pedro sanchez reflexiona

Inflation Might Derail PM Sánchez’s Plans

J.P. Marín-Arrese | The Opposition accuses the Spanish PM of clinging to power regardless of the ways and means for achieving that goal. He indeed broke his electoral promise of never coming to terms with extreme-left Podemos. Before the polls, he told voters he wouldn’t sleep in peace sharing his bed with that party’s leader. After Election Day, he rushed to set up a coalition government with him, making his…


ECB PPEP

Will Lagarde Dare To Move In Earnest?

JP Marín-Arrese | All was quiet on the ECB front for too long. Suddenly, last week it announced its intention to scale down the emergency asset-buying programme starting next month. While falling short of the tapering heralded weeks ago by Jerome Powell, it represents indeed a shift in the dull do-nothing approach followed for months and years. Once embracing quantitative easing, much later than other central banks, it proved unable…


Just Sanchez

Delivering A Fair Recovery

JP Marín-Arrese | The Spanish PM Sánchez seeks to regain his dwindling popular support after the crushing defeat in Madrid’s regional elections back in May. At mid-term, he discovered, much to his surprise, the cost of enforcing long-lasting restrictions to overcome the pandemic. The Opposition took advantage of the people’s weariness and fear of lay-offs. His initial steps to stage a large-scale inclusive revolution either faded away or didn’t pay…


Teresa Ribera

Empathy-Driven Markets

J.P. Marín Arrese | Ms Ribera, the Spanish Minister in charge of energy and environment, has warned electricity companies that lack of empathy towards their clients may undermine their stock performance as markets price-in such conduct. It wasn’t just a personal comment. She delivered it in the Parliamentary debate over the upsurge in the price of electricity providing no clue on how empathy-driven markets might work. Yet, one has the…


chair powell

Unwinding QE More Difficult Than Expected

J.P. Marín Arrese | Jay Powell was crystal clear in Jackson Hole about his willingness to scale down QE starting by the year close. As the US economy is recovering at full steam and prices skyrocket to a 13-year record, the idea that  monetary policy will soon switch from the current over-loose stance to a more neutral one is hardly surprising. His message even sounded dovish as he cautioned against rushing into fighting inflation. He considered its current upsurge temporary, however, dismissing this upsurge might poise an…


housing overvalued

The Mirage Of The Recovery Plan

Juan Pedro Marín Arrese | The European plan is still sleeping the sleep of the just. The first consignments are expected after the summer if there are no setbacks and delays. A common occurrence, judging by experience. This delay contrasts with the huge injections of spending on the other side of the Atlantic. Jerome Powell’s tussle with the markets illustrates the extent to which activity has regained its pulse. Once…