Leading-order equations governing the dynamics of a two-dimensional thin viscous sheet are derived. The inclusion of inertia effects is found to result in an ill-posed model when the sheet is compressed, and the resulting paradox is resolved by rescaling the equations over new length- and timescales which depend on the Reynolds number of the flow and the aspect ratio of the sheet. Physically this implies a dominant lengthscale for transverse displacements during viscous buckling. The theory is generalised to give new models for fully three-dimensional sheets