Regulatory Policy at the Crossroads: Mapping an OECD Agenda for the Futures

Abstract

Over the past 15 years, the Organisation for Economic Co-operation and Development has played a pioneering role in bringing the issue of regulatory reform to the fore. Much has been achieved over the years, with many countries benefitting from the potential offered by quality regulation. Still, the recent crisis exposed massive flaws in regulatory activity, as well as in supervision and enforcement. Other phenomena are also testing the limits of regulatory frameworks. Regulatory policy is currently at the crossroads, and it needs to integrate a broader governance perspective to address current and future challenges. The chapter takes stock of the current debate and discusses possible pathways to address the future-i.e. restoring trust in government through effective regulatory governance. This involves a tighter integration between the organisation and the management of reform. It also requires completing the policy cycle, closing the loop between regulatory design and evaluation of outcomes, with evidence-based approaches to support proportionate decisions, policy coherence and better assessment of the benefits of regulation.