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The conservative government led by Prime Minister Mariano Rajoy plans to create a new independent budgetary authority to monitor public finances in Spain’s heavily indebted regions and municipalities.
According to the daily, the "new public spending sheriff," will be formed by the National Statistics Institute, the Bank of Spain and the state audit authority.
The announcement comes in the runup to a meeting between Budget Minister Cristóbal Montoro and regional financial managers to discuss the possibility of greater flexibility in the 2013 deficit targets, which Madrid has set for the regions.
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