OECD's review of regulatory reform in the Czech Republic. It finds that since 1990, the Czech Republic has carried out a comprehensive transition to a market democracy that required a rapid and broad programme of deregulation, re-regulation, and institution-building. Today, the legal and policy frameworks consistent with a market economy are substantially in place and functioning. Important challenges remain, however, and reform to fill the remaining gaps and further refine regulatory regimes at national and subnational levels will continue to play a central role in economic development in the Czech Republic. Privatisation, restructuring, and building pro-competition regulatory regimes have been delayed in key areas, such as energy, and reform in telecommunications should be completed. Public sector reform should continue. Speed and consistency are essential. If the Czech Republic is to converge with the rest of Europe, it must move faster than the average European country.