Contributor(s): Anders Borg | Faced with a record deficit and an accelerating debt, the UK will have to embark on a process of massive fiscal consolidation in order to bring public finances back to sustainability. How is this best done and what lessons can be learned from the Swedish experience of fiscal consolidation in the 1990s? Anders Borg is Minister for Finance in Sweden and has chaired the ECOFIN Council during the 2009 Swedish EU Presidency. He has previously worked as an advisor on monetary policy issues at the Swedish Central Bank and as chief economist at several Swedish banks.