##ing the ecb ’ s crisis response and national fiscal support programmes, comprehensive measures were passed at the european level to provide financial support to governments, businesses and employees during the pandemic. in july, the european heads of state decided to expand the multiannual financial framework by €750 billion over a period of six years, starting in 2021, to enable long - term investments and structural reforms in the eu member states. these european crisis measures contributed significantly to reducing financial market stress. it is undisputed that the large - scale monetary and fiscal policy measures cushioned the financial impact of the crisis significantly. however, it is still impossible to fully predict the impact on citizens ’ trust in the ecb and the euro. the latest survey data can nevertheless offer some tentative, though rather sobering insights into how public trust has evolved over the course of the pandemic crisis. support for the euro has been largely stable. [ 23 ] by contrast, net trust in the ecb has fallen somewhat. a similar, yet even more pronounced, decrease could be observed with regard to trust in other supranational institutions like the european commission and the european parliament. meanwhile, the latest survey results indicate that trust in national institutions seems to have increased over the course of the pandemic crisis ( see figure 11 ). figure 11 net trust in european and national institutions. percentage points https : / / www. ecb. europa. eu / press / key / date / 2020 / html / ecb. sp201216 _ 1 ~ 9caf7588cd. en. html 12 / 17 12 / 18 / 2020 the importance of trust for the ecb ’ s monetary policy sources : eurobarometer, own calculations. notes : net trust is calculated as the share giving the answer “ tend to trust ” minus the share giving the answer “ tend not to trust ” to the question “ please tell me if you tend to trust it or tend not to trust it? : name of institution. ” respondents who answered “ don't know ” are excluded. this may be due to the fact that fiscal and healthcare policy initiatives at the national level were the most visible crisis response measures for the general public. indeed, according to early surveys, a majority of respondents in the euro area ( 61 % ) indicates satisfaction with the measures introduced by national governments. at the same time, respondents have split views regarding the measures taken by european institutions during the pandemic period : only

a neighbouring jurisdiction. islamic financial products need some level of harmonisation in terms of product features to gain mass acceptance. we at the central bank of bahrain are working with the international islamic financial market to set certain standards on some capital and money market products, but banks themselves could work more closely to establish common disclosure standards for the costs of financing. additionally, we at the central bank have noted the continuing need for high quality human resources within islamic banks. islamic banking has been growing so fast that it has been difficult for banks to find enough skilled or qualified staff. this is why the cbb has participated with islamic institutions in bahrain in setting up the waqf fund to provide financial and technical support in upgrading current training programs and introduce new ones. it is hoped that we will begin to see a larger number of financiers qualified in sharia – related subjects in the near future. such initiatives can only be to the benefit of islamic banking and i urge more institutions to participate in the funding and support of the fund and its works. i think at this point i should talk about governance challenges facing islamic financial institutions. a major issue which is growing in importance is sharia compliance and how to provide a satisfactory framework to assure investors and other stakeholders that the activities of the bank are within the permitted scope of sharia. islamic banks have various mechanisms to ensure sharia compliance in the products and activities of the institution. the first and most obvious body is the sharia supervisory board. this body produces judgements or fatwas on products or structures that the bank intends to provide. the next body is the internal sharia review function which performs post - facto reviews of the activities of a bank. the last body is the external auditor which, in addition to verifying the accounts of the bank, also checks to ensure that the bank correctly followed aaoifi sharia standards. there are differing perceptions about the respective scope of authority of these three bodies and therefore there is a need to reach consensus on the functions of these respective bodies. this is clearly an area where the institutions, sharia scholars and the standard setters need to agree upon what constitutes best practice and set an agreed set of standards. the next challenge is that of accounting standards. there are currently some 60 aaoifi accounting, auditing, governance and sharia standards. this body of work is testimony to the commitment and continuing efforts of aaoifi since its establishment in 1990 to the development of accounting and auditing standards for islamic institutions. however