Regulatory Modernization in the Digital Economy: Developing an enabling policy environment for innovation, competition, and growth
This policy statement explores principles for regulatory modernization for the digital economy and promotes a refreshed understanding of policy goals and market place facts, to ensure as much competition, investment and innovation across the ICT sector as possible.
Given the imperative of business investment in delivering jobs and economic growth, as well as driving innovation and competition, regulators are encouraged to engage meaningfully with business throughout the policymaking process.
Regulatory modernization – that is, updated rules that match new facts – will promote investment, competition and innovation throughout the digital economy ecosystem, and will protect consumer interests and expectations no matter who is providing the service. Markets and technologies are evolving with great speed. Policy frameworks must not lag decades behind.
In this process, close consultation with all stakeholders is important to avoid unintended consequences of new policies or regulations. Such consultation will help strike the right level of protection for consumers while fostering competition, investment and innovation. Given the imperative of business investment in delivering jobs and economic growth, as well as driving innovation and competition, regulators are encouraged to engage meaningfully with business throughout the policy-making process.
