and finance 12. as we have seen in recent times, financial centres are important nodes in ensuring that the world economy continues to function well. they need to be responsive to the dynamic market place in order to perform their critical roles to sustain growth by ensuring that capital is channeled to the most productive uses. 13. singapore as a vibrant and cosmopolitan global city is well - positioned for businesses to connect to asia and international markets. over time, we have established the necessary infrastructure, global connectivity and pool of expertise with the requisite knowledge, understanding and experience of local conditions in asia that can add value to companies entering the region. 14. as a financial centre offering a full suite of financial services, singapore stands ready to play a wider developmental role in promoting islamic finance in response to rising regional demand for shariah - compliant products and services. mas has worked closely with the industry and other government agencies to ensure a levelplaying field between islamic and conventional finance such that islamic finance is not disadvantaged for tax and regulatory purposes where the economic substance and risks are similar. 15. many market players are already leveraging on singapore ’ s strengths and capabilities to raise capital, create infrastructure and real estate funds and conduct wealth and asset management activities. for instance, the islamic development bank and city development ltd have tapped our capital markets to raise shariah - compliant singaporedollar funding. another notable development is the joint venture by singapore ’ s keppel t & t and saudi arabia ’ s al rajhi group to create the world ’ s first shariah - compliant data centre fund. last week, the fund managed to secure an initial us $ 100 million from institutional investors in asia and middle east. we also understand that various market players are in the midst of preparations to launch and list islamic real estate investment trusts ( reits ), which will further boost singapore ’ s position as the largest reit market in asia ex - japan. 16. in talent development, several credible players have initiated training courses and programmes to enhance the financial sector ’ s capabilities in islamic finance. for example, the singapore management university has started an international islamic law & finance centre to promote high - quality research, training and professional education. such efforts will further support the growth and innovation of islamic finance in the region. conclusion 17. i am therefore pleased to launch the inaugural wibc asia summit today. such events serve to bring industry leaders together to explore and create business partnerships to capitalize on new opportunities in the middle east and asia.

. 4 in most other countries the central bank, which has the technical expertise over financial markets and is in charge of interest rate policy, is not involved or tends to get involved too late in the process, which may make things more complicated and risk undermining the credibility of any statement or action. in the area of external representation, too, some clarity has been achieved as to who is responsible for representing the euro area, at least within the g7 and other groupings. some confusion still remains in fora such as the g20, where it is the eu rather than the euro area that participates. in the imf there is still no consolidation of the euro area members within one seat, something which to my mind will have to take place sooner or later. on financial stability, the situation of the euro area is quite unusual, as the ecb has no direct responsibility for banking supervision. the situation is also varies within eurosystem : in some countries the central bank has direct responsibility for supervising the domestic system, while in others this responsibility is given to another institution. the recent turmoil has shown the importance of keeping central banks closely involved with issues related to the proper functioning of financial markets. furthermore, the increasing integration of the eu financial market requires close cooperation between supervisors, from a more harmonised implementation of regulation to an effective exchange of information on markets and institutions, and the creation an efficient crisis resolution framework. work on these issues is ongoing in europe and will need to be further strengthened. to conclude, as a last issue for discussion, we have in the euro area, as well as in other countries, a major challenge involving all policy - makers. it is to explain and help our citizens adapt to globalisation. globalisation has produced many positive effects on our societies but is quite challenging for some social groups. in particular, the recent increases in food and energy prices are biting into the purchasing power of households, especially those at the lower end of the income distribution. these effects come on top of others that have developed over the years, which have squeezed the income of those employed in sectors with low value added. i do not want to enter now into the debate of what is the best way forward. i will just mention that in europe we have a further difficulty, i. e. that the euro has been introduced at the same time as globalisation has accelerated its effects. this has led some to confuse the effects of globalisation with those associated with the introduction of the euro. for