Archive for category Spanish economy

Restructuring Spanish Regulators

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.

Entry blog (In Spanish): La CNMC: Historia de una Reforma InacabadafuncasBlog, 25 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.


Leave a comment

The Good Regulator

El buen regulador no habla español (The good regulator doesn’t speak Spanish), by Juan Delgado.

Alternativas Económicas, November 2014.

The recent merger in Spain of the antitrust agency and several industry regulators into one single agency poses several questions on institutional design. This op-ed assesses the new institution in relation to the international best-practices.

Leave a comment

Integrating Antitrust and Regulatory Powers: Does it work?

Integrating Regulatory and Antitrust Powers: Does It Work? Case Studies from Spain and Mexico by Juan Delgado and Elisa Mariscal

Published in Competition Policy International – CPI Journal, Vol. 10, No. 1, Spring 2014

There are a wide variety of possible structures for regulatory regimes in countries. This article focuses on the analysis of multi-purpose regulators that combine regulatory and antitrust powers, such as the Mexican IFT and Cofece, as well as the Spanish CNMC. We focus on institutional design, review the existing literature on the pros and cons of single-purpose vs. multi-purpose regulators, and use the new Spanish and the Mexican institutional settings to contrast how such pros and cons are designed to operate on paper and how they do so in real life. Our goal is to look for evidence, at the very initial stage of the reforms in both these countries, of whether these countries are moving closer to a rule of law equilibrium.

Leave a comment

Restructuring the Spanish Power Industry

El Sudoku Eléctrico I: un Diagnóstico (The Spanish power industry sudoku: a diagnostic)

El Sudoku Eléctrico II: un Marco para su Reforma (The Spanish power industry sudoku: a framework for restructuring)

By Juan Delgado.

Nada es Gratis, un blog de economía casi siempre en español.

The Spanish Government is in the process of restructuring the power sector. Juan Delgado offers a diagnostic and a framework for restructuring in the economics blog “Nada es Gratis”. Competitive markets, capacity markets, a long term renewables support mechanism and a transparent price formation process are proposed as the axes of a long-term perspective restructuring process.

Leave a comment

Towards a Sustainable Power Sector

Hacia un Sector Eléctrico Sostenible (Towards a Sustainable Power Sector), by Juan Delgado.


The Spanish government approved on September 14th a partial reform of the power sector. Juan Delgado analyses the terms of the reform and establishes the main ingredients a true power sector reform should contain, i.e., the promotion of market mechanisms, a long-term de-carbonization agenda and the implementation of market mechanisms to guarantee supply.

A shorter version is posted at the Fundación Alternativas Blog

Leave a comment

Regulators’ Reform: How Many and How

La reforma de los reguladores: importa más el cómo que el cuántos (The reform of the regulatory agencies in Spain: It’s more important how than how many), by Juan Delgado, Julio García Cobos and Antón García Díaz.


The Spanish government has announced an ambitious plan to reform the regulatory agencies. J. Delgado, J. García Cobos and A. García Díaz discuss on the necessary ingredients of such reform: effectiveness, professionalism, independence and transparency.

Leave a comment

Effective and Independent Regulators

La reforma de los Organismos de Regulación (I): Los límites a la integración (The reform of the regulatory agencies in Spain (I): Limits to integration).

La reforma de los Organismos de Regulación (II): Mejoras en la gobernanza (The reform of the regulatory agencies in Spain (and II): Improving governance).

By Juan Delgado, Julio García Cobos and Antón García Díaz.

Nada es Gratis, un blog de economía casi siempre en español.

Regulatory and antitrust agencies must be independent and effective. What is the best configuration to guarantee such independence and effectiveness? In a series of posts, J. Delgado, J. García Cobos and A. García Díaz discuss alternative options to improve the institutional quality of regulation in Spain.

Leave a comment