Correa Seeks to Implement an Anti-trust Bill

Correa seeks to implement an anti-trust bill

Ecuadorian President, Rafael Correa is preparing a bill to regulate the monopolies in the country.

“There are not anti-trust bills only in Ecuador, Paraguay and Bolivia,” said the president. This law will regulate monopolies and prevent economic concentration and market power according to Correa.

As an example, he noted the case of Ecuadorian banks, which offer credits to users for purchasing vehicles, while the respective insurance obligations are contracted with companies linked to these same financial institutions.

“We do not have a legal framework to control such abuse, but this law will do it,” added the president.

Correa plans to send the draft law to the National Assembly as an “economic emergency” to speed up treatment and it will be later presented to the legislature also as an urgent economic bill that will be part of the so-called “green taxes.” (BG)

Source: El Universo Newspaper