Monetary policy
Policy may literally refer to a course of activity pursued elementarily because it seems expedient and beneficial. Normally, a policy stipulates a set of guiding principles, procedures or guidelines that dictate certain outlined work processes within an organization (Torjman, 2005).
Politically, the term policy may refer to a concept in which governments as well as political parties will dictate decisions, activities and issues that are beneficial to the whole society. Basically, a policy outlines the crucial principles that dictate activities that must be done to enhance public comfort.
It is vital to note that a policy can be administered via the federal or state mechanisms like legislation, laws as well as administrative practices. Policy processes involve intricate interplay of socioeconomic factors. Additionally, it considers other factors such as present ideas, institutions and personalities. Technical, systematic processes and relevant theoretical models for policy development are important considerations in policy initiatives.
Parties Responsible For Policy Choices and Implementation
Policy choice entails the process of carefully analyzing available options and selecting the best or appropriate policy. Policy implementation is a critical phase in which the government or any other legal authority executes its adopted policies. Normally, this process follows the specifications within the legislation as well as policy action.
The legislators, statutory officials and politicians are key players within policy choice and implementation (König, 12). Government agencies as well as departments that have direct obligation and responsibility of a specific policy predominantly remain key implementers. The role of the political arena emanates during the formal or formative phase of policy choice.
For instance, the negotiation of various bills within the US senate is indicative of the formative analysis of optional polices for government adoption. The engagement of advocacy agencies, individuals and other lobby groups in the influence of policy choice and implementation mechanisms within various states is evident. In addition to these outlined role players, human rights activists and civil society organizations are also crucial partakers in the process of policy choice and implementation.
How Policy Makers Can Assess Actions and Become Assured That Goals Are Attained
The efficiency of implemented polices depend on the capacity of the policy makers to step up critical monitoring and evaluation. Policy makers must outline critical monitoring and review processes to ensure that the policies operate effectively. Public engagement is crucial for obtaining feedback and priority areas (König, 89). Therefore, the policy makers must ensure the total engagement and participation of the general public during the policy success assessment stages.
Satisfaction surveys as well as extensive evaluations amongst those governed by the implemented policies are critical to assess the success of these policies. The policy makers are free to hire or outsource the services of external consultants to lead the policy assessment process.
This initiative premises on the fact that an individual cannot assess oneself. The analysis of diverse opinions from the advocacy as well as lobby groups about the efficiency of the policy is important in assessment. All opinion leaders have to be engaged in the evaluation process. This should be conducted in liaison with other stakeholders as well as relevant regulation agencies.
How Economic Crises Push the Frontiers of Policy Implementation
Economic crises have severe implications in the process of policy choice and implementation. Economic crises have forced policy implementation frontiers to seek for more economically sustainable and viable policy alternatives. Additionally, there has been emphasis to adopt more cost-effective policy implementation strategies within all government sectors.
The need for public participation has gradually emerged and all frontiers have employed mechanisms to enhance this observation (König, 61). The frontiers have noted the significance of harmonizing monetary policies that focus on development of novel financial markets. In addition, they have increasingly enhanced innovative and competitive guidelines within the policies implemented during the financial crises.
There has been significant cut-offs that have potentially resulted into leaner budgeting and costs stipulated within monetary policies. The issues of financial crises have resulted into complex challenges, complicated by globalization. Therefore, frontiers of policy implementation have increasingly provided attention to emerging concerns such as environmental and global warming impacts of investment.
Policy frontiers have also recognized the significance of the protection of the common citizenry, minority groups as well as marginalized segments of the population (König, 78). These include some of the critical impacts that economic crises has waged on the frontiers of policy implementation.
A Current Economic Event That Illustrates the Discussion
The affordable care Act of the US provides a typical example for this topic of discussion. According to its policy brief, the “Patient Protection and Affordable Care Act of 2010 (ACA)” necessitates the institution of important novel state-level systems by the end of 2014 (CHRT, 2011).
A careful analysis of this brief depicts the summary of basic needs as well as policy choices applicable to all the states even in 2014. Observably, there are other components within this policy brief that specifically have state budgetary effects. Basically, some of the vital requirements under this policy are to institute health insurance exchanges and extend medical coverage for the US citizens.
Works Cited
CHRT (Center for Healthcare Research & Transformation). Guide to State Requirements and Policy Choices in the Affordable Care Act. 2011.
König, Thomas. Reform Processes and Policy Change: Veto Players and Decision-Making in Modern Democracies. New York, NY: Springer New York, 2010. Print.
Torjman, Sherri. What is Policy?. 2005.