Critics suggest that a new independent fiscal authority being formed in Spain will be far from...

|By:, SA News Editor

Critics suggest that a new independent fiscal authority being formed in Spain will be far from independent thanks to the rules governing the appointment of the body's president. The country agreed to create a watchdog to monitor public finances as part of the €100B bank bailout it received last year. FT says draft legislation for the monitoring body shows the president's three-year terms are renewable at the discretion of the very people the watchdog is supposed to be monitoring, namely the government and the finance minister.