34 % of the total workforce in the hospital sector, compared with 23 % in spain and 21 % in germany. furthermore, in other countries, medical systems that focus more on prevention improve healthy life expectancy and limit the incidence of chronic diseases. spending on education is 0. 7 percentage point of gdp higher than the euro area average excluding france, partly due to the higher proportion of the population attending school in france. xxvi however, the way this expenditure is allocated between primary education ( under - resourced compared with other countries ) and secondary education ( relatively over - resourced in comparison ) is rather atypical. the proportion given over to administrative and operating costs is significantly higher than in other countries ( see the dark blue component in the left - hand chart below ). our high level of spending did not prevent a sharper decline between the pisa 2018 and 2022 surveys. in this respect, finland gets better value per euro spent. housing, which contributes an estimated total of approximately 2 % of gdp ( 0. 8 point of gdp more than the euro area average excluding france ), is also a major source of expenditure. six million households – one in five – currently receive housing benefits, xxvii which therefore appears to be means - tested to a much lesser extent than in other countries. these substantial amounts can ultimately push up market prices – including rents. on top of this, there are numerous tax credit schemes. the cour des comptes has therefore reported that france ’ s housing policy “ struggles to demonstrate its effectiveness ”. xxviii as a final example, which partly overlaps with previous ones, subsidies and transfers ( unrelated to social protection ) amounted to eur 210 billion in france in 2023, that is 7. 4 % of gdp compared to an average for the rest of the euro area of just 6. 0 %. their increase in france since 1996 has contributed 2. 2 points of gdp to the rise in public spending. among this expenditure, certain tax credits and support for apprenticeship programs would benefit from being more clearly targeted. more generally, there are grounds for reviewing certain acquired rights and for de - indexation. 2. 3 reopening the “ blind spot ” in the public debate : qualitative levers and public governance every year, the world bank publishes an index of government effectiveness, xxix which draws from a range of studies and surveys. xxx in particular, it focuses on the degree of independence from political pressures, public policy formulation and

regulatory framework for several critical aspects of securitisation. 15. in 2007, the securities contracts ( regulation ) act 1956 was amended in 2007 to include “ securitised instruments ” in the definition of “ securities ”. the amendment has paved the way for listing and trading of securitised debt on stock exchanges. 16. consequently, the securities and exchange board of india ( sebi ) released draft regulations for “ public offer and listing of securitised debt instruments ” in june 2007 which is yet to be formalised. however, these guidelines envisage a very different transaction structure compared to current market practices. 17. earlier, the enactment of the securitisation and reconstruction of financial assets and enforcement of security interests act, 2002 ( sarfaesi act 2002 ) enabled securitisation of the non - performing assets of banks, which could sell off their npas to asset reconstruction companies registered with rbi. the sarfaesi act also laid the framework to the constitution of asset reconstruction companies ( arcs ) specialising in securitising distressed assets purchased from banks. role of the reserve bank of india in regulation of securitisation 18. the reserve bank of india ( rbi ) is the regulator of the major players in the indian financial system ( banks, financial institutions and nbfcs ) and has to ensure that financial intermediaries engage in securitisation prudently. 19. the reserve bank issued the first set of comprehensive guidelines applicable to banks, financial institutions and non - banking financial companies ( nbfcs ) on securitisation in india way back in february 2006. the guidelines covered following aspects relating to securitisation transactions : • broad definitions on important securitisation related concepts such as securitisation, spv, bankruptcy remote, credit enhancement, first loss facility, liquidity facilities, service provider and underwriting facilities. • prescribed detailed “ true sale ” criteria and criteria to be met by originators and spvs. some important criteria included that originators should not indulge in market making on securities issued by spv, originators shall not invest in more than 10 % of securities issued by spv, securities cannot have any put option, etc. • detailed policy for originators and third parties on provision of credit enhancements, liquidity support / facilities, underwriting facilities, servicing arrangements, etc. • capital adequacy norms for credit enhancement – first loss credit enhancement is deducted