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Appropriately designed and implemented regulations are powerful tools for enhancing economic performance and societal well-being. A strong and sound regulatory framework can mitigate threats to health, safety, and the environment and address market imperfections. Its benefits extend throughout the economy, fostering economic growth. A regulatory framework that facilitates competition, for example, can stimulate productivity by encouraging the efficient allocation of resources and promoting innovation. In turn, these measures can reduce prices for consumers, stimulate the creation of jobs and deliver improvements in living standards.
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The effectiveness of a regulatory framework hinges upon both the what and the how of regulation. Policy makers and regulators must look at the what – the substance of regulation – to ensure that the “rules of the game” deliver desired outcomes. Equally important is that policy makers and regulators consider the how of regulation – how countries develop, implement, and review rules – to ensure that regulations work effectively to promote the public interest.
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