Institutional reforms to integrate regulation and competition policy: Economic analysis, international perspectives, and the case of CNMC in Spain

Francesc Trillas ^[1] ; Ramón Xifré i Oliva ^[2]
1. [1] Universitat Autònoma de Barcelona
  
  Universitat Autònoma de Barcelona
  
  Barcelona, España
2. [2] Universitat Pompeu Fabra
  
  Universitat Pompeu Fabra
  
  Barcelona, España
Localización: Working papers (Universitat Autònoma de Barcelona. Departament d'Economia Aplicada), Nº. 7 (Maig 2016), 2016
Idioma: inglés
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Resumen
- We review the related academic literature and the international evidence on the institutions of regulation and competition policy, to analyze the creation in 2013 of the new macro regulator in Spain, the CNMC. The institutional reform merged the competition policy authority with virtually all sector regulators with the exception of the financial regulator. The aim of the paper is to assess the extent to which the Spanish reform follows international best practices as well as how it fits within the analysis found in the academic literature. Although there is not a universally superior approach, neither in practice nor in theory, important shortcomings remain with the model that was finally adopted in Spain. Some institutional diversity would facilitate an optimal level of regulatory independence and governmental coordination for each sector, and ultimately achieving better results in terms of consumer welfare