Competition and Regulation Reforms in Spain in 2013: The CNMC - An International Perspective
22 Pages Posted: 25 Apr 2015
Date Written: January 21, 2015
This paper reviews, from an applied, policy-oriented point of view, the process of the creation of the new macro regulator in Spain, the CNMC, which concluded at the end of 2013. The institutional reform merged the competition authority with practically all sector regulators (except for the financial regulator). The aim is to ascertain in which respects the Spanish reform is approaching, or deviating, from international best practices in the matter. Although there is no universally superior model in terms of specific institutional arrangements, there is enough knowledge on similar episodes of institutional reform to state that, in the Spanish case, important shortcomings remain with the proposal that has finally been adopted. The paper also deals with a non-institutional dimension of the reform: the regulatory and competition competences that, in the midst of the CNMC process, the Spanish government has recovered for itself.
Keywords: CNMC, Regulators, Competition authorities, Institutional reforms
JEL Classification: K21, K23, L40, L50
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