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International Regulatory Co-operation

Addressing Global Challenges

image of International Regulatory Co-operation

The world is becoming increasingly global. This raises important challenges for regulatory processes which still largely emanate from domestic jurisdictions.   In order to eliminate unnecessary regulatory divergences and to address global challenges pertaining to systemic risks, the environment, and human health and safety, governments increasingly seek to better articulate regulations across borders and to ensure greater enforcement of rules and their application across jurisdictions.

This report gathers in a synthetic manner the knowledge and evidence available to date on the various mechanisms available to governments to promote regulatory co-operation, and their benefits and challenges. The review of evidence confirms the increased internationalisation of regulation, which takes place through a wide variety of mechanisms and multiple actors, and highlights a shift in the nature of IRC from complete 'harmonisation' of regulation to more flexible options - such as mutual recognition agreements. Despite growing regulatory co-operation, however, decision making on IRC is not informed by a clear understanding of benefits costs and success factors of the diverse IRC options.

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Building successful international regulatory co-operation

Despite the growing trend in regulatory co-operation, decision making on IRC is not based on a clear understanding of benefits, costs and success factors of the various IRC options. This chapter is a preliminary attempt to define the range of benefits and costs/challenges of IRC. It identifies quantitative evidence of benefits and costs available to date and complements it with lessons learnt from the OECD IRC case studies. This chapter also builds on the case studies and the literature to identify some of the success factors of IRC and to initiate a checklist of critical considerations for government to ensure successful IRC.

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