Committee to recommend cull of Greece's independent watchdogs

A proposal drawn up by the Law Preparing Committee on the institutional framework for independent regulators should be completed by the end of the month.

The committee, reactivated ahead of the country's third bailout review, is expected to propose to Administrative Reform Minister Olga Gerovasili that significant changes be made to the institutional framework with the aim of improving the efficiency of the authorities. All signs point to a considerable reduction in the number of watchdogs, from 27 today to between 12 and 15.

This reduction has been recommended by the country's creditors, who realize that while the number of regulators has grown this increase has not been accompanied by the promotion of transparency and efficiency. Indeed, Greece's lenders have repeatedly expressed concern at administrative mechanisms that are answerable to state offices such as the...