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The Great Financial Crisis

A Stimulus Seminar and Q&A with Dr. Paul Mills of The International

The Great Financial Crisis

A Stimulus Seminar and Q&A with Dr. Paul Mills of The International

The Great Financial Crisis is rooted in 25 years of expanding leverage and financial globalisation facilitated by naive deregulation. Yet policymakers mistook this long financial cycle for a fundamental supply side improvement. We have just embarked on a multi-decade period of deleveraging and retrenchment but don't wish to admit it, as we continue to fight a solvency crisis with liquidity tools.

What are the implications for economies and the global financial system as balance sheets are gradually repaired? What should policymakers do to speed the healing process?

Dr Paul Mills is a Senior Economist with an international financial institution and has UK treasury and DMO experience. He will be speaking in a personal capacity.

Paul Mills joined the UK Treasury in 1992. After periods in macroeconomic modeling and financial regulation, he specialized in government debt management, culminating in helping to establish the UK Debt Management Office in 1998. Paul remained at the DMO as head of policy until returning to the Treasury in 2000 to lead policy sections managing the UK government’s financial balance sheet (debt, cash, and currency reserves), then financial stability and regulation. He joined the IMF in early 2006 and has worked on global financial stability, the U.S. financial system, innovative risk transfer, climate change and financial markets, and Islamic finance. He now heads the Fund’s London office focusing particularly on the euro area crisis, financial stability, and regulatory policy. His PhD thesis was on non-debt financial thinking and systems from Cambridge University.

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