Spain is in the grip of election fever. With less than a week to go before polling day on March 9, the campaign is receiving blanket media coverage, while politicians on the hustings talk themselves hoarse. But the country’s business community remains quiet.

Unlike in other western countries, Spain’s corporate figures will not publicly endorse candidates. Nor is it acceptable to criticise the government during an election campaign. And, if Spain’s business leaders are natural allies of the opposition Popular party (PP), they are discreet in their support.