On 16 May 2013, the Rafael del Pino Foundation organised Philip Coggan's Keynote Lecture "Paper Promises: Money, Debt and a New Financial Paradigm".
Philip Coggan is the Capital Markets Editor of The Economist. Previously, he worked at the Financial Times for more than twenty years. In 2009 he received the Best Financial Journalist award at the prestigious Harold Wincott Awards and was voted Best Communicator at the Business Journalist of the Year awards. He is the author of four books, including "Paper Promises", in which he analyses the causes of the current economic crisis and its consequences. In doing so, Philip Coggan returns to the fundamental questions about what money is. Today it seems perfectly natural to have debt: "....credit cards, mortgages, loans... citizens, companies and states have created a system in which debt plays a fundamental role. But where does all this debt come from, are we clear about its relation to money, and under what kind of promises is the modern economic system sustained?..."
Philip Coggan examined the flawed structure of the global financial systems and asked what is really at stake in today's deeply unsettled world, concluding, with strong arguments, that the current crisis will bring about a radical shift in traditional economic and political paradigms.