REGULATORY QUALITY AND INNOVATION - THE BEST APPROACHES AND PRACTICES FROM THE EUROPEAN UNION AND THE WORLD AND REGULATORY POLICY IN BULGARIA

Abstract

Both the European Union and the Organisation for Economic Co-operation and Development consider that today the member states need to strengthen their regulatory processes. In a time of fiscal restrictions and increased global uncertainty, the regulatory policy remains the key government instrument for ensuring the safety and well-being of citizens, while stimulating innovation, which also means economic prosperity. Despite what has been achieved so far, much work is yet to be done to reap the benefits from voluntary regulation. This is due to the fact that very often regulating as in "normal times" in the current situation of a global pandemic and its challenges can be a discouraging task. Regulatory policy is critical for creating a favourable environment for investment, which again means the same: more innovation and, of course, additional economic growth. With the ever-increasing pace of transformative technological changes, governments are facing higher and higher complexity and uncertainty in more and more areas of regulation. This analysis, for the first time in modern history, examines if the regulatory policy in Bulgaria has contributed to the economic growth and whether the regulatory management system has improved after the launch of the regulatory reform in 2016. It also presents recommendations for the introduction at the national level of the most efficient approaches and practices from the European Union and the world.