The Government once again uses an amendment to a bill in process – that of the Financial Client Defense Authority – to protect the administrative decisions decreed by the Bank of Spain, and prevent them from being appealed to the Ministry of Economy. This is a modification of the Law of Autonomy of the Bank of Spain -of 1994- and that, according to socialist sources consulted by Europa Pressseeks to “strengthen the independence” of the financial regulator. Specifically, they defend that the intention is to place the rulings issued by the central bank at the level of those signed by other institutions, such as the CNMV, Competition or the FROB.
The governor of the institution, former minister José Luis Escrivá, already anticipated that he would promote a reform of the rule to reinforce the opinions or sanctions that the Bank of Spain issues, during his inauguration speech. The change – defended by the PSOE – also responds to the Single Supervisory Mechanism whose functions depend on the European Central Bank (ECB). What’s more, they add, the amendment will try to elevate the Spanish regulator to the “highest international standards of supervisory independence.” The section of the article of the law that Sánchez’s party intends to change – again – through a foreign bill, has not been updated since April 1998.
Moncloa has already used the processing of the bill on the implementation of a minimum rate of 15% for multinationals to ‘strain’ its tax reform in the amendment process in the Finance Commission. A practice that – in recent months – has begun to become common. In fact, Sánchez’s people took advantage of the parity law to take away the Senate’s ability to veto the path of stability, through another amendment that achieved the support of a majority in Congress.
The PP has not stopped denouncing this practice. “The first measure that the Government has taken is to introduce through the back door the elimination of the veto that the Senate had over the Budgets,” said the popular economy spokesman, Juan Bravo, in July in an interview with elEconomista.es. Since then, Génova has not stopped criticizing that the Executive introduces “intrusive amendments” to the drafts in parliamentary process. “It violates the essential principles of legislative technique,” Senators Pepa Pardo and Miquel Jerez criticized days ago after vetoing the Efficiency of the Public Justice Service law in the Senate. The norm contained up to 23 amendments unrelated to the original text, sources in Genoa criticize.
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