The Spanish Cabinet approved yesterday the merging of eight regulatory and supervisory organizations, which will generate approximately four million in euros in salary savings alone. Deputy Prime Minister Soraya Sáenz de Santamaría made this claim on Friday. She assured that economic opportunities would multiply once "headquarters and their operations are streamlined."
With this initiative, the Spanish government plans to increase the efficiency of its allocation of public resources at a time when "avoiding redundancy of organization and employee function in order to obtain synergies and savings," Rajoy's Cabinet explained. In terms of employment, Rajoy assured that "in Germany, where there is a single multi-sector regulator, savings of 25% on operating costs were realized between 2006 and 2011."
Among other details, the 52 advisers from the various regulators would be reduced to just nine. For each organization there will be a President, Vice President and Board Secretary. All positions will have a term of six years with partial modifications to terms and a rotating president position.
