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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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Considering Chile's path towards regulatory reform

Chapter 2 explains the core principles and legal instruments that set the policies the government of Chile implements to improve its regulatory quality. In doing so, it discusses the high regulatory production and the absence of a clear figure on the total national regulatory stock. The chapter recognises that regulatory reform is a relatively new concept in the Chilean administration. However and despite the fact that Chile does not have a comprehensive regulatory reform policy and programme, the government has various administrative and legal arrangements that support the preparation and implementation of regulation, as well as control quality mechanisms that frame the interventions of regulatory institutions. Finally, it describes the recent and current regulatory reform initiatives implemented by the Chilean government, highlighting the reforms done in the environmental regulation, competition advocacy, and international regulatory co-operation.

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