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INVESTMENT COMPACT — r- STABILITY PACT FOR SOUTH EASTERN EUROPE ■o| ' INVESTMENT COMPACT ~ FOR SOUTH EAST EUROPE OECD (( P REGULATORY GOVERNANCE IN SOUTH EAST EUROPEAN COUNTRIES PROGRESS AND CHALLENGES OECD ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT The Stability Pact for South Eastern Europe is a political declaration and framework agreement adopted in J une 1 999 to encourage and strengthen co-operation among the countries of South East Europe (SEE| and to facilitate, co-ordinate and streamline efforts to ensure stability and economic growth in the region, (see The South East Europe Compact for Reform, Investment, Integrity and Growth ("The Investment Compact") is a key component of the Stability Pact underworking Table II on Economic Reconstruction. Private investment is essential to facilitate the transition to market economy structures and to underpin social and economic development.
OECD recommends that governments adopt broad policies with clear objectives and frameworks for implementation.Building on the core principle of the Investment Compact that "ownership" of reform rests within the region itself, the Investment Compact seeks to share the long experience of OECD countries.It provides region-wide peer review and capacity building through dialogue on successful policy development and ensures identification of practical steps to implement reform and transition.Part I of the report builds on the results of the March 2004 Review of Regulatory Governance in SEE carried out by the RG1 in co-operation with the network of independent consultants in the region.The questionnaire for the SEE Review benefited from comments by Anke Freibert.
The report benefited from the discussions held during the Steering Group on Regulatory Governance, bringing together the views of the SEE country representatives, business, academia and international organisations present in the region.