CNMC: The Story of an Unfinished Reform (“La CNMC: la historia de una reforma inacabada“), by Juan Delgado and Héctor Otero. PAPELES DE ECONOMÍA ESPAÑOLA. Regulación y política de defensa de la competencia en España; no. 135. September 2015.
In 2012, the Spanish government proposed the merger of the antitrust authority together with six sectoral regulators in a single authority, the National Commission for Markets and Competition (CNMC). The reform was justified by the need for better coordination between regulators, to improve the consistency of their respective decisions and to reduce their operational costs. The design of the new institution however does not necessarily guarantee that those potential benefits will be materialized. Improving decision-making mechanisms, creating a more horizontal organization and strengthening the financial and functional autonomy of the regulator would facilitate the generation of synergies that so far do not seem to have arisen.