The Israeli government has approved the proposal of Prime Minister Benjamin Netanyahu to adopt and implement the OECD's regulation policy. The means that new orders and rules that government ministries seek to initiate will undergo broader examination, and will be reviewed by the regulation department in the Prime Minister's Office to ensure uniformity and efficiency of government regulations, Trend reports referring to Globes.
Following the government decision, Netanyahu said, "We must cut bureaucracy and regulation in order to exploit our economic potential."
Under the prime minister's proposal, before any regulatory change, government ministries will have to carry out an international comparison, a cost-benefit analysis, public consultation, and an assessment of the effectiveness of the proposed legislation.
The Prime Minister's Office will review the work of the various ministries to ensure that comprehensive and thorough staff work is done before any new regulation is added.
The Prime Minister's Office said in a statement, "The measure introduced by Prime Minister Netanyahu and Prime Minister's Office acting director-general Yoav Horowitz for smarter and more efficient regulation will combine protection for Israel's citizens with economic growth."
Horowitz stressed that ministers needed to take action within their ministries to reduce regulation, and said that if Israel's economy was to continue growing, regulation had to be cut.