Bulgaria's entry into the EU SingleMarket raises new opportunities and new risks for thenational economy. As shown in the rest of Europe, a programof regulatory reform offers an effective strategy formanaging the risks of more intense competition whilepreparing Bulgarian companies to prosper within the largesteconomy in the world. Bulgaria has already made significantprogress in regulatory reform, with an emphasis ondeveloping regulatory impact analysis (RIA) inBulgaria's public administration. To support theseactivities, the Council of Ministers agreed in August 2006to the proposal of the Ministry of Economy and Energy todevelop a national plan for better regulation. The goal isto progressively achieve a low-cost, low-risk regulatorysystem that both supports national competitiveness andeffectively protects public interests. To achieve itspotential, Bulgaria should converge, not with a minimumstandard of regulatory reform, but with the best performersin Europe. This policy paper identifies nine tasks forsetting up a modern regulatory system and meeting Europeanobligations. These nine tasks are intended to improve theability of the central government to promote regulatoryreform, to build better regulation practices through theinstitutions of governments, and to improve the quality ofboth the stock and the flow of regulation on a permanent basis.