Public debt

Should the European Central Bank slow down quantitative tightening?

The ECB could slow down QT in response to currently tight financial conditions, but should communicate its intentions with care

Mahmood Pradhan

When oil is scarce and debt is binding: policy sequencing under a severe energy supply shock

With inflation still binding and fiscal space thin, the 2026 Iran shock revives the case for pre-committed, conditional yield anchors with clear exit

Gene Frieda

How could Hungary streamline public spending without undermining growth?

Zsolt Darvas

Hungary has room to streamline public spending without hurting growth

Cutting some state operating and economic spending to the average of its regional peers could save Hungary more than four percent of GDP

Zsolt Darvas

Where Hungary’s money went — and where a Tisza government could move

Zsolt Darvas

How Compelling is the Case for Common European Debt?

Marie-Sophie Lappe and Jeromin Zettelmeyer

Are sovereign debts sustainable under energy transition?

Veronica Mammetti, Stavros Zenios and Giacomo Morelli

The new global imbalances: why care, why now and what should be done?

This essay analyses the causes of, and remedies for, external imbalances, and what countries should do if they do not decline

Beatrice Weder di Mauro and Jeromin Zettelmeyer

Hungary’s new beginning – under tight fiscal constraints

The long-awaited change of government gives Hungary an opportunity to tackle tough economic and social challenges while re-aligning with Europe

Zsolt Darvas

Debt sustainability in Japan and the case for a fiscal council

Rising rates are testing Japan’s fiscal framework, with debt dynamics hinging on growth and pointing to the need for adjustment and a fiscal council

Tomomi Miyazaki, Marie-Sophie Lappe and Roel Dom

What will it take to make Japan’s debt sustainable?

Marie-Sophie Lappe

Italy and Europe

Slow growth, high debt and the paradox of Giorgia Meloni

Rebecca Christie, Emmanuel Mourlon-Druol and Francesco Papadia

China's public debt dynamics

Alicia García-Herrero and Jianwei Xu

Russian fiscal space – In-depth analysis of Russian public debt, constraints to medium-term sustainability, and macroeconomic consequences

Marek Dabrowski

How resilient is Russia’s economy after four years of war?

Resilience in Russia’s 2022–25 economy is fading as war spending slows growth, entrenches inflation and amplifies structural fragilities

Marek Dabrowski

What will it take to stabilise public debt in advanced countries?

Jeromin Zettelmeyer