The Council for Efficiency and Economic Growth announced on Tuesday that merging the Estonian Central Bank and the Financial Supervision Authority will bring better supervision, reduce duplication, and save up to four million euros annually.
The Council is sending nearly 30 proposals to the government. One proposal is to create a unified database to simplify financial sector reporting. Another proposal is to continue the fast-track processing of payment orders, but increase control over loan issuance and create a positive credit register.
The Estonian Food Industry Association, the Merchants' Union, and the Agricultural and Industrial Chamber submitted their proposals. They aim to reduce bureaucracy. Estonian companies should not be subject to stricter requirements than the EU minimum standards.
584 proposals have been submitted to the Council. The government supports 122 proposals and is discussing the rest. Currently, 17 proposals have been implemented.
State Secretary Keit Kasemets said that amendments to laws are being prepared to accelerate planning deadlines and the processing of residence permits for foreign workers. Occupational safety requirements will be relaxed to reduce excessive bureaucracy.
On Thursday, changes to government and ministerial regulations will be discussed. It is planned to cancel approximately 15% of existing regulations. The next Council meeting is on September 29th.