Authors: Panagiotis Karkatsoulis, Efi Stefopoulou, Constantinos Saravakos, Zinaida Zlatanova and Ali Rıza Çoban
Well-designed regulations are the indispensable institutional tool for citizens, business and government for the proper function of economy and society. The concept of regulatory quality reflects a set of principles which focus on the way a country should promote structural reforms on its regulatory framework, to ensure robust, transparent, accountable and forward-looking processes, which favor creation and growth of firms, productivity gains, competition, investment and international trade.
Regulatory policy is the key element for both liberal democracy (rule of law) and the promotion of economic prosperity, generating significant social and economic benefits and contributing to social well-being. To this end, an index to measure the regulatory quality of a country, offers a quantitative tool to government officials, experts and stakeholders, so they can identify the main challenges and the weaknesses of regulatory framework, as well as theoretical framework and policy proposals on better regulation.