Richard Werner is a Professor of International Banking at the University of Southampton. A renowned banking and development economist, he is the founding director of the ECB Shadow Council’s Center for Banking, Finance, and Sustainable Development. He is also chair of Local First, a community interest company establishing not-for-profit community banks in the United Kingdom. Professor Werner proposed the disaggregation of credit and its impact on asset markets and growth with his Quantity Theory of Credit in 1992 at Oxford. He advanced the concept of "quantitative easing" in Japan in 1994.