Regulatory reform is evolving rapidly. As experience accumulates, so does understanding of the problems and how they might best be solved. As a result, reform now embraces a much wider range of instruments, processes and institutions than in the early days of simple deregulation strategies. The focus is now on ‘regulatory management’ as an integral part of the permanent business of government. It aims at enabling governments to use regulatory powers more carefully and effectively within globalising and liberalising markets, to react more quickly and to wield a wider range of tools that protect public-policy objectives at lowest cost.