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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'.
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Spanish economy 12th July 2012

Time to slash regions’ spending in Spain

MADRID | The Spanish government has adamantly refused to accept any macro conditioning that might portrait it as falling under a full-fledged intervention. Markets hold a different view witnessing how recommendations advanced by the Brussels bureaucracy are taken to the line. VAT increase stands as the paramount example of an ill-judged proposal Spain is implementing under euro-pressure. Wasn’t the party now in power forcefully opposed to a similar measure not so…

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Spanish economy 11th July 2012

Spain badly needs a banking overhaul

MADRID | The conditions imposed on Spain upon access to rescue funds for its ailing financial system, point to the need to undertake a major overhaul both in banking supervision and restructuring. The Eurogroup urges a handover to the Bank of Spain of powers hitherto retained by the ministry of Economy. It also forces breakup and/or severe downsizing of troubled banks, plus a resolution scheme to transfer part of the burden…

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In Europe 9th July 2012

Is Ms Merkel commitment on the euro serious enough?

how can i get my ex girlfriend back MADRID | The more Ms Merkel claims shoring up the euro to be her paramount goal, the less credible that pledge sounds. Real commitments should embody themselves into facts, words amounting to a rather futile substitute. Failing to address the current raging crisis casts serious doubts on how serious her voiced concern on keeping the common currency alive is. One has the impression…

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In Europe 6th July 2012

The ECB drifts away from the euro summit package

MADRID | The European Central Bank has entrenched itself in its own territory, delivering a conventional rate cut to address a downsize risk in economic perspectives. Output hovering around zero growth in Europe will drive inflation below targets, thus triggering the need to introduce some potential stimulus. But Draghi watered down Thursday’s rate decision, warning on the limited scope of lower rates when financial markets are so fragmented, risk perception…

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In Europe 5th July 2012

Shortcomings of the euro will sooner than later emerge

MADRID | Have you noticed that since the Libor fraud has the dubious honour to receive full front page coverage, the euro zone troubles have been dumped into inside pages? No one raises doubts on the fragile agreement reached in the last Summit, thus providing some respite to the badly mauled Southern Europe countries. It would be quite unfair to imply there is some kind of Anglo-Saxon conspiracy against the common…

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Markets 2nd July 2012

The EMU still needs fixing

MADRID | The Summit has just avoided the worst from happening. Super-Mario and an unexpectedly bold Mariano Rajoy achieved a coup d’état toppling Ms Merkel from her undisputed pedestal. Hollande’s support was vital in depriving her of her hitherto boundless power. Yet one has the impression we assisted to a rehearsed show meant to provide an excuse for Germany to cave in to pressure. Everyone was afraid of having to confront the…

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In Europe 28th June 2012

This summit won’t force the ECB to intervene, the markets will

MADRID | Summits are meant to be the meeting place for those dwelling in the Olympus. Those struggling to survive on the Earth surface have more urgent concerns than discussing about the euro zone destiny, an angels'-gender dispute that fails soothing their daily toils. Spain undoubtedly ranks among the latter. It will attend today’s meeting with its mind focused on the bleak aftermath. Banking union might stand as a cornerstone…

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In Europe 26th June 2012

Fiscal compact is the key

MADRID | Germany will not move unless it firmly secures the fiscal compact goal. The growth strategy, the financial transactions tax and even banking union will only thrive so long discipline in public accounts is agreed. You can sulk at the stubborn obstinacy shown by Ms Merkel on this issue but trying to ignore it would not help Europe to overcome current problems. Brussels is proposing an enhanced budgetary control that…

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In Europe 25th June 2012

Rome mini-Summit delivers mini-results

MADRID | No one expected the Rome gathering to produce a comprehensive answer to the euro’s acute problems. Divergences still run high between Germany and France on the right approach to take. Avoiding the impression other partners might be faced with a ready cooked solution in the forthcoming Summit, also invited to adopt a self-restrained attitude. So leaders from the four leading economies in the euro area choose to come…

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In Europe 21st June 2012

Los Cabos pledges will prove hard to deliver

MADRID | The relaxed atmosphere in a seaside resort has undoubtedly helped coming to terms with a number of common sense goals. But delivery might prove more gruelling than expected. You don’t need to cross the Atlantic and be lectured by President Obama to concede that unwinding the feedback between financial and sovereign risks stands as a key requirement. Or to accept that current Spanish and Italian risk premium should be…