Some survey measures of labour availability are at their lowest level at least since inflation targeting began (Chart 14). Vacancies are at a record high (the official series began in 2001). Both suggest a tighter labour market than you’d normally expect at current levels of unemployment. Chart 13. Unemployment has surprised to the downside in recent months Per cent  Chart 14. Survey measures point to tighter labour market than unemployment alone would suggest 5.2  0  Wage growth (rhs)  10 5.0 4.8 4.6 Data  4.4  August MPR forecast  4.2  Jan  Feb  Mar  Apr  May  Jun  Jul  4.0 Aug Sep  Sources: ONS and Bank calculations. 20  Staff availability (lhs, inverted)  90 80  30  70  40  60  50 60  50  70  40  80 30  90 100  20 99 01 03 05 07 09 11 13 15 17 19 21  Indices: 50 = no change on the previous month. Wage growth series weighs together the ‘Permanent staff salaries’ and ‘Temporary staff pay rates’ indices according to the shares of permanent and temporary employees in the Labour Force Survey. Sources: KPMG/REC UK Report on jobs, ONS and Bank calcs. Over the cycle, there tends to be a reasonably stable – and inverse – relationship between vacancies and unemployment, known as the “Beveridge curve”. In an upswing, vacancies rise and unemployment declines.
The French government and the French financial authorities, including the Banque de France, are also working together to facilitating the dissemination of sound and safe financial innovations and fostering the scaling up of sustainable finance. These investments are protected by a very resilient banking system, accompanied by consistent regulation. Let me remind you that Paris is already home to the European Securities and Markets Authority and will soon host the European Banking Authority. In addition, the Paris Court of Appeal was granted an 3/4  BIS central bankers' speeches  international chamber last February, with international commercial affairs falling within its remit. That will duly complete the Paris court organisation, which already includes an international chamber in its commercial court. Last but not least, let me stress that the French authorities are making sure that the Paris financial centre and its participants benefit from a streamlined and business-friendly regulatory framework, for instance in areas such as bond issuance and securitisation. Meanwhile, significant efforts have been made by the French government to alleviate the tax regime and social contributions of “impatriates.” Starting in 2016 under the previous government, they have been amplified by the new one, including on the eve of the business summit last January. *** France is changing, for the better. But it is still dependent on its economic environment, obviously. Let me conclude with two wishes. First: that Europe is courageous enough to strengthen itself through this cyclical upswing.