"Types of reforms or changes";"Lesson type";"Key insights on governance and transaction costs";"Relevance for future policy design"
"Liberalization in traditional network industries (electricity, gas, rail and others)";"Partially learned";"The experience of liberalization showed that vertical separation alone does not ensure competition and market efficiency. Governance structures and transaction costs — particularly those linked to asset specificity and control over essential facilities — were initially underestimated. This led to coordination failures, underinvestment, and delayed competition. Over time, sectorspecific governance was gradually introduced to mitigate these problems";"The reform experience highlights the need for adaptive, contextspecific governance to manage access to bottleneck facilities. It shows that structural separation must be supported by complementary rules and enforcement tools to prevent new entry barriers and holdup risks. These lessons are directly relevant for platform regulation, where issues like interoperability, data access, and neutrality require similarly robust governance frameworks"
"Privatization in Russia and other FSU countries";Missed;"Lack of attention to governance structures and transaction costs led to inefficiencies and institutional degradation";"The reforms experience serves as a cautionary tale of reform failure due to weak institutional foundations"
"The rise of the digital economy (digital platforms and technologies including AI)";Upcoming;"Regulatory concerns (e.g., selfpreferencing, platform duality, data access, algorithmic opacity) highlight both parallels with past governance failures and the novel complexity of digital platforms and ecosystems";"Indicates the need for innovation in institutional design and adaptive, possibly new governance models tailored to digital platforms and ecosystems"