In contrast, the strain on the Japanese securities markets was mostly contained in CP and corporate bond markets, and we saw a relatively smooth transition from security market funding to bank borrowing.
Indeed, well-functioning capital markets can be agile, tailoring funding sources to firms along different stages of development. They also complement the banking sector by providing additional channels to mobilise the large existing pool of savings towards financing the economy. Conclusion Let me conclude. The necessary transition to a low-carbon economy entails risks for the financial system that, at present, are insufficiently understood.