9 There are arguments that dematerialization has progressed in advanced economies, whereby, despite the economic growth, the consumption of such items as energy and mineral resources as well as the emissions of carbon dioxide have declined. See McAfee, A., More from Less (London: Simon & Schuster, 2019). 10 Tadokoro, M., "Jinkōron no hensen" [Overpopulation or underpopulation?
Therefore, financial stability should be regarded as a separate objective to be tackled with non-monetary tools. The first line of attack to reduce financial systemic risk should be to maintain a sound regulatory and supervisory framework, which includes strict capitalization and liquidity rules as well as clear resolution schemes for financial institutions.