The Commonwealth Assembly as part of its first round of legislative changes has enacted broad ranging liberal economic reforms. The
Economic Reform Act 4687 passed today frees regulations on foreign investment, advertising and the banking sector as well as privatising
government assets. The ERA also establishes an independent central bank and regulates trade union influence over employment law.
President Serafim Dita during the signing of the Act emphasised the importance of the bill as a stepping stone for the building of a strong
and stable economy after decades of economic chaos and stagnation under the monarchy.
The main proponents of the Act, the liberal Kizenian People's Party, throughout their recent election emphasised the importance of
economic and social reforms to rebuild international trust in the Kizenian economy. The opening up of Kizenian businesses to foreign
investment has been heralded as an important start in allowing Kizenian industries to obtain necessary capital for expansion. Such
investments are predicted by government analysts to create 50,000 new jobs, sparking a new wave of economic activity in Kizenia. The
freeing of the Kizenian internal market is also expected to increase trade and foreign investment, leading to a decrease in the price of
commodities and improvements to the standard of living of all Kizenian citizens.
The creation of an independent central bank, the National Bank of Kizenia,has also been seen as a great step towards increasingly
intelligent economic policy within the commonwealth. The freeing of the Central Bank from political concerns should enable effective
economic regulation to protect the Kizenian economy through intelligent fiscal and inflationary policy. The establishment of the BNC
comes amid the privatisation of Government assets throughout the economy with the Dita Administration stating the government
seeks to act as a regulator of business excess while avoiding direct control of industry.
The Government has also changed laws regarding trade union involvement in employment, barring the existence of union and closed
shops which according to the Minister for Trade and Industry Nicolas Eliade act as a buffer preventing industries from obtaining necessary
labourers. Several Trade Unions have protested the move while some small business employees have called it a turning point in the
struggle for fair employment. However, workers associations have seen a silver lining in the lifting of a ban on Cooperative work places,
and have called on the government to establish new channels for Coops to obtain investment.
The Commonwealth Times is a liberal centrist paper of record in the Commonwealth of Kizenia