The three EU institutions have agreed on an interinstitutional 'Common Approach to Impact Assessment' (November 2005). The 'Common Approach' sets out the basic principles for impact assessment throughout the legislative process.
The three institutions agree that impact assessments - of Commission proposals and substantive amendments by the European Parliament and Council - should consider potential impacts across the social, environmental and economic dimensions.
The European Parliament and the Council have agreed to assess the impacts of their own ‘substantive' amendments to the Commission's proposal, and in doing so they will use the Commission's impact assessment as the starting point for their further work.
The three Institutions are currently revising the existing Interinstitutional agreement on Better Lawmaking . Negotiations should be concluded by the end of 2015.
Cooperation with the Committee of Regions, and in particular their 'Subsidiarity and proportionality analysis kit', has helped the Commission to improve the guidance on how to analyse subsidiarity and proportionality in impact assessments. The Committee has also enabled the Commission to consult their Subsidiarity Monitoring Network and EUROPE 2020 Monitoring Platform to reinforce the analysis of regional and local aspects in impact assessments (see on-line surveys on these consultations).
Some Member States have also developed their own domestic Better Regulation best practice. Until October 2014, such best practice was exchanged in a high level group of national regulatory experts. In May 2015, the Commission announced its intention to establish a new Regulatory Fitness and Performance Programme (REFIT) platform, consisting of high level experts from Member States and stakeholders with practical expertise in the policy areas of EU regulation.