We start 2025 with important There is a clear contrast between the general behavior of the economy and the perception of citizens. The profitability of Spanish companies continues to increase and reached record levels in the third quarter of 2024, up to 25.4% of added value over sales, according to the Business Margins Observatory. The last two years have also been years of historic profits for financial institutions, thanks to the rise in interest rates and the privileged treatment provided by the European Central Bank.
The unstoppable which means its ability to set prices. The increase in business margins has been last year, especially notable in gas, electricity and especially in food. Faced with this implacable reality, the security and rights of citizens increasingly depend on public organizations that ensure the proper functioning of markets and compliance with laws.
In Spain, this function is carried out by the CNMC created in 2013. Its founding law establishes that “The National Commission of Markets and Competition aims to guarantee, preserve and promote the correct functioning, transparency and the existence of effective competition in all markets and productive sectors, for the benefit of consumers and users.”
There are older laws that no longer seem to belong to our world today. We are not of that world, as Raimon sang. I am referring to the Royal Decree of May 3, 1993, signed by the socialist minister Carlos Solchaga. It established a General Code of Conduct with “All persons and entities must act in the exercise of their activities, impartially and without putting their own interests before those of their clients, for the benefit of their clients and the proper functioning of the market.” 30 years ago.
In its balance of the year, the CNMC on two important issues: “Why was the ECB interest rate increase that we suffered since the middle of the previous year (2023) not transferred to the remuneration of consumer savings?” The association reproaches the CNMC for “not yet providing the analysis of the level of competition among the banks that it promised and which could confirm that there has been concertation to cap the cost of liabilities for its clients.” He has also reminded the guarantor of the correct functioning of the market that he has to rule on the banking tax and whether the entities have passed it on to the commissions to their clients.
The more power of the oligopolies, the more need for market control. The well-being of citizens does not depend only on their salaries and pensions, but increasingly on the cost and conditions of basic services and supplies. Market abuses cause more and more damage and are carried out with more impunity.
