Regulatory Reform Process
Regulatory Reform is a process of implementing a legal and institutional framework for reviewing and streamlining business regulations at all levels of government in Moldova, to cut ineffective business regulations that encumber investment and enterprise development.
In April 2004, BIZPRO/Moldova drafted a White Paper on policy and regulatory reform that included the guillotine approach. The approach involves a set of filters, beginning with a joint public/private committee vested with authority to issue rulings on the validity of existing regulations, and allowing for feedback from stakeholders to determine whether specific regulations are still needed. The law that came into effect on February 6, 2005 formalizes the regulatory reform effort and defines a schedule, whereby only those regulations that have survived the filtering process remain valid.
For Moldova to realize its potential for achieving a competitive, business-enabling environment, SME development must be accelerated. Similarly, investors must not only be incentivized, but also made comfortable with the nation's business and legal framework. Adherence to international standards, integration into full participation in international economic and trade organizations, as well as the ability to perform in local and external markets will all be positively affected by Moldova's successful RR implementation.
Moldova is not the first Eastern European country to embrace regulatory reform, nor is it the biggest. But Moldova is taking the lead in setting a fast pace for supporting the RR process. The speed and momentum of a nation preparing to meet the challenges of competitive business is a theme which can be promoted effectively.
