ECONOMY

Competition watchdog praised for improvements

Competition monitoring in Greece has been upgraded thanks to the tight regulations demanded by the country’s creditors, as the role of the Greek Competition Commission has been strengthened by the introduction of a series of policies pertaining to the local economy’s competitiveness.

As a result, the Global Competition Review (GCR) – the most reliable report in its field – has raised its valuation on the Greek watchdog from two-and-a-half stars in 2011 to three stars for 2012. Greece’s commission and its Irish counterpart are the only ones to have improved their rating in 2012.

GCR’s 12th annual report states that Greece’s obligation to its creditors for improving its economic competitiveness has resulted in it being one of just two state agencies to have been exempted from a freeze in hirings, allowing it to increase its staff numbers by 50 percent in 2011. Last year it conducted snap inspections on 123 companies and imposed fines of over 21 million euros.