for example, an estimated us $ 60 billion will be needed annually until 2022 to meet the basic infrastructure needs in asean alone 3. the asset - backed nature of islamic finance makes sukuk ideal for financing of infrastructure projects and would complement ongoing work by singapore to enhance the bankability of infrastructure projects in the region and involve more capital market participants. 13. in the meantime, it will be important to continue to strengthen key foundations such as global regulatory standards and best practices for islamic finance, and capacity building and talent development. to facilitate further growth of islamic finance in singapore, mas is working with the industry and other government agencies to provide clarity and certainty in the regulatory and tax treatment for sukuk. for example, some industry players have suggested that pre - approved standardised templates for common sukuk structures could be introduced to expedite issuance. 14. building islamic finance expertise has also been highlighted as crucial to supporting the continued growth of the industry. the singapore management university ’ s ( smu ) international islamic law and finance initiative is now in its 6th year, and seeks to carry out research and develop thought leadership in islamic law and finance, in collaboration with institutions in uk, malaysia and indonesia. smu also offers a masters in islamic law and finance, and will be graduating its third cohort of students this year. in addition, islamic finance has also been included as an eligible subject area under mas ’ finance scholarship programme, and industry players could look to tap on this scheme to groom promising talent. conclusion 15. to conclude, the deepening linkages between asia and middle east will continue to present significant opportunities for islamic finance. i hope the wibc asia summit will provide a useful platform for various stakeholders from asia, middle east and beyond, to explore new ideas and build networks to catalyse further growth. i wish all of you a fruitful conference. an overview of infrastructure opportunities in asean, kpmg. bis central bankers ’ speeches

rate movement resulting from a monetary policy shock abroad is that it brings about few trade - offs for domestic monetary policy - makers. currency appreciation would tend to have effects of the same sign on inflation and growth. however, exchange rate movements reflecting other forces, particularly those resulting in severe misalignments, would not have such benign consequences. currency swings disconnected from fundamentals, or brought about by misguided policies, have the potential to become disruptive. the empirical evidence on the cross - border effects of standard monetary policy shocks in major economies suggests the following. a monetary easing, say in the us, while depreciating the dollar, is associated with a fall in net exports and a global output expansion ; interest rates also decrease in other countries. 2 therefore, if foreign policy measures, e. g. in the form of forward guidance, can be readily matched with domestic policy actions, we should not worry about the risk of a loss of competitiveness. in addition, a foreign policy expansion might not require a domestic response that fully neutralises the exchange rate movement if there are sources of overall positive spillovers, in particular through increased foreign demand. objectives in terms of inflation and output gaps can then be achieved despite some currency appreciation. the previous argument should not be confused with an emerging “ panglossian ” perspective3 which posits that competitive devaluations triggering an exchange rate “ arms race ” would be welcome in the current conjuncture. the argument put forward is that, contrary to a tariff war that leaves everybody worse off, such a race would generate a needed global, coordinated monetary expansion. this view rests on the assumption that monetary policy - makers should do more than they are currently doing. chasing an exchange rate depreciation would make up for a perceived lack of action and deliver the appropriate symmetric policy response. however, there is no such lack of action in advanced economies, where monetary policy has see the key contributions by s. kim and n. roubini ( 2000 ) “ exchange rate anomalies in the industrial countries : a solution with a structural var approach ”, journal of monetary economics, vol. 45 pp. 561 – 586 ; and kim ( 2001 ) “ international transmission of u. s. monetary policy shocks : evidence from var ’ s ”, journal of monetary economics, vol. 48, pp. 339 – 372. “ in truth, the so - called ‘ currency war ’ is not all bad : if everyone debases