Regulatory Policy and Governance
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Regulatory Policy and Governance

Supporting Economic Growth and Serving the Public Interest

Regulations are indispensable to the proper functioning of economies and societies.  They underpin markets, protect the rights and safety of citizens and ensure the delivery of public goods and services.  At the same time, regulations are rarely costless.  Businesses complain that red tape holds back competitiveness while citizens complain about the time that it takes to fill out government paperwork.  More worrying still, regulations can be inconsistent with the achievement of policy objectives.  They can have unintended consequences and they can become less effective or even redundant over time. The 2008 financial crisis, and the ensuing and ongoing economic downturn are stark reminders of the consequence of regulatory failure.  

Reflecting the importance of getting regulation right, this report encourages governments to "think big" about the relevance of regulatory policy. It assesses the recent efforts of OECD countries to develop and deepen regulatory policy and governance.  It evaluates the comprehensive policy cycle by which regulations are designed, assessed and evaluated, revised, and enforced at all levels of government.  It describes progress developing a range of regulatory management tools including consultation, Regulatory Impact Assessment, and risk and regulation. It also illustrates more nascent effort to promote regulatory governance including creating accountability and oversight of regulatory agencies and creating a "whole of government" approach for regulatory design and enforcement.  The report provides ideas on developing a robust regulatory environment, a key to returning to a stronger, fairer and more sustainable growth path.

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The achievements of regulatory policy You do not have access to this content

English
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Author(s):
OECD

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Regulatory policy has already made a significant contribution to economic development and societal well-being. Economic growth and development have been promoted through the contribution of regulatory policy to structural reforms, liberalisation of product markets, international market openness, and a less constricted business environment. Regulatory policy has also supported the rule of law through initiatives to simplify the law and improve access to it and through improvements to appeal systems. Increasingly, it supports quality of life, social cohesion and the rule of law, through enhanced transparency which seeks out the views of the regulated and through programmes to reduce red tape for citizens.
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