This should give more flexibility to firms and contribute to supporting employment. The ongoing apprenticeship reform aims at making this status more attractive for both workers and firms, in order to tackle youth unemployment. In a context where the number of job vacancies remains too high, the ongoing reform of lifelong vocational training, which is currently too costly and inefficient, should help to better match the skills of workers to the needs of firms. Add very significant reforms of primary and secondary education and university, and you can expect a steady improvement in French labour’s skills in the coming years. The unemployment benefits reform will also be an essential building block in improving the functioning of the labour market. More control over the job-search effort should increase labour force participation and also contribute to tackling structural unemployment, while improving the efficiency of the welfare state. 2/4  BIS central bankers' speeches  [Slide 11] Finally, consistent tax reforms have aimed at rebalancing the tax burden from production factors towards broad-based taxes. Labour costs were lowered, with in particular a tax credit on payroll, implemented in 2013 and reinforced by social contribution cuts this year. Regarding capital, important measures have also been taken to alleviate taxation on productive capital and savings: the scrapping of the household wealth tax on everything except property assets, the introduction of a 30% flat tax on household capital gains, dividends or interests and a decrease in corporate tax from 33% to 25% in 2022 to ensure convergence towards the EU average.

The establishment of the international standard setting organizations such as the Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI), to formulate appropriate prudential and accounting standards that would not only facilitate the process of harmonisation but also contribute to the strengthening of the Islamic financial system. The IFSB has already formulated the prudential treatment for sukuk investment by the Islamic financial institutions as stipulated in the Capital Adequacy Standards. Malaysia's strength in the sukuk market Let me now turn to Malaysia's sukuk market. Significant progress has been achieved in the development of the Malaysian sukuk market. In 2007, Malaysia accounted for about twothirds of the global sukuk outstanding, amounting to about USD47 billion. Malaysia not only represents the largest sukuk market in terms of outstanding size, but also in terms of number of issuance. In developing the sukuk market, Malaysia provides a total solution for sukuk activities by providing a complete sukuk issuance and trading platform, that is supported by four elements: a wide range of Islamic instruments, strong legal and regulatory infrastructure, sound Shariah governance framework and the talent supply. These elements are also further strengthened by Malaysia's comprehensive Islamic financial system with all the key components of the financial system comprising the Islamic banking, takaful, Islamic money and capital markets that are now at an advanced stage of development.