Regulatory Policy in Colombia

Going beyond Administrative Simplification

image of Regulatory Policy in Colombia

Prudent macroeconomic management and recent structural reforms have helped Colombia weather the recent financial crisis remarkably well.  The Government of Colombia has placed particular emphasis on simplifying formalities affecting business and citizens.  In addition, a number of initiatives have been launched to make the administration more transparent and accountable vis-à-vis citizens.

However, after several years in place, this approach needs to be re-shaped , in order to go deeper into the legal background of regulations.  Colombia still lacks a whole-of-government policy for regulatory quality and needs to rethink the institutional set up to implement different regulatory tools in a coherent manner.  It also requires the adoption of a systemic approach to challenge the reasons for and the logic behind formalities (trámites) and, most importantly, regulations.  Furthermore, as in many other countries, the development and application of a comprehensive regulatory governance approach for sub-national governments and multi-level co-ordination are pending issues.

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The macroeconomic context in Colombia

This chapter summarises the OECD Economic Survey of Colombia. It sets out the macroeconomic context for the review, including recent macroeconomic trends, the contribution of regulatory reform to economic performance, and the remaining challenges for the Colombian economy, notably in terms of boosting labour productivity, adjusting to the commodity boom, and reducing income inequality. Prudent macroeconomic management has helped Colombia weather the recent financial crisis remarkably well, but the remaining challenges call for structural reform in both product and labour markets. Colombia’s regulatory simplification efforts have led to significant improvements in the quality of the business environment and a more solid foundation for private sector development. This chapter argues that these efforts need now to translate into initiatives to improve regulatory quality more generally.

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