In March 2014 the OECD adopted a Recommendation on Effective Public Investment Across Levels of Government. A Recommendation is an OECD instrument approved by the Council that establishes international norms and standards, best practices and policy guidelines. Recommendations are not legally binding, but practice accords them great moral force as representing the political will of Member states. The purpose of the principles set out in the Recommendation is to help governments at all levels to assess the strengths and weaknesses of their public investment capacity and set priorities for improvement for this responsibility which implicates all levels of government. The OECD Recommendation is well aligned with the Charter on Multi-Level Governance in Europe developed by the Committee of Regions. The OECD is currently developing a database of good practices and indicators to support governments at all levels in the implementation of the OECD Recommendation on Effective Public Investment Across Levels of Government. It will be accessible on the web in November 2014 and will be regularly updated from then.
More information at: http://www.oecd.org/gov/regional-policy/recommendation-effective-public-investment-across-levels-of-government.htm