Reform of Monetary Code Received Observations from Popular and Solidarity Economy Superintendent
9 agosto 2019

ECUADOR

On August 7, the Economic Regime Committee hosted the Superintendent of the Popular and Solidarity Economy (EPS), Margarita Hernandez, who expressed her position on the eventual reform of the Monetary Code. The Superintendent pointed out that the reform should include a regulatory framework to allow cooperatives to operate using platforms which emit electronic money.

The official called for the reform to strengthen the financial system on the basis of a text allowing for the standardization of the competition conditions regulating financial institutions. She also stated the need for a regulatory body entrusted with the task of supervising cooperatives. Hernandez added that the article should incorporate provisions to protect workers from regulatory bodies and the auditors of the financial system.

This meeting is part of a series being led by the Economic Regime Committee to analyze modifications to the Monetary Code. The Superintendent of Banks, Ruth Arregui, earlier took part in the committee, which will continue to invite specialists and representatives from the public and private sector, at a date to be confirmed.

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