Regulatory Policy in Chile

Government Capacity to Ensure High-Quality Regulation

image of Regulatory Policy in Chile

One of Chile’s biggest strengths is its very sound macroeconomic framework that reinforces its economic resilience. This is partly based on a prudent regulatory and supervisory framework governing the financial system. Furthermore, the government’s Agenda for Productivity, Innovation and Growth, co-ordinated by the Ministry of Economy with the participation of other ministries and state services, constitutes a good opportunity to use regulatory policy as a driver to reform the policymaking framework of Chile. For example, Chile has already made substantive progress in making regulations more accessible and communicating administrative requirements. However, while in Chile national regulations provide the general framework for administrative procedures and an efficient state administration, the lack of a comprehensive regulatory reform programme has reduced the possibility of achieving even better economic outcomes and unleashing resources to boost productivity. The regulatory policymaking framework lacks some key features seen in other OECD countries (e.g. stakeholder engagement, regulatory impact assessment, oversight body) that would make sure that regulations are designed in the best way. Good practices in rule-making procedures are also rather limited. This review presents the way forward for improving the government’s capacity to ensure high-quality regulation in Chile.

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Assessing Chile's regulatory institutions

Institutions are fundamental to ensure that regulatory policy is properly implemented. This chapter starts by stating the rationale in order to aim at establishing mechanisms and institutions to promote regulatory reform, notably through oversight of regulatory policy procedures and goals. The chapter mentions the institutional set-up for regulatory governance, and also describes institutions with clear competences to promote regulatory policy in Chile. It looks at the executive branch, independent and autonomous entities, the legislative branch, and the judiciary along the constitutional court, and its co-ordination mechanisms. Finally, and of utmost importance, it describes the organisation and governance of regulatory agencies and supervisory bodies in Chile. It finishes by issuing recommendations on how to improve the set-up of the administrative architecture in order to ensure high-quality regulations.

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