Abstract
Good institutions are charaterized with three atributes: 1. they establish and protect property rights; second, thery restrict elites which strive to expropriate income and property of others members of society; third, thery provide equal chances for employment of labour and investment of capital. Good institutions contribute to political stability, succesfull macroeconomic policy and enhance initiatives for employment and investment. It is neccessary to include in national constitutions as highest ligel act of each state specific article which will stipulate following: (1) basic goals of regulatory bodies such as "promoting and directing market development of regulated industry on the principles of non-discrimination and effective competition, monitoring the implementation of regulations in regulated industry, ensuring the regular supply of goods and services to consumers and their protection and equal position, as well as other activities stipulated by specific industry laws": (2) basic principles of regulatory bodies activities such as (a) independence - personal, financial and policy and (b) accountability to parliament. In relevant separate legal acts specific articles should be included with more detailed stipulation of procedures for establishing and enforcing 1. independance, 2. accountability to parliament, and 3. transparency of regulatory institutions.
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