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.