Public debt

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

What will it take to stabilise debt in advanced countries?

Debt can be stabilised across advanced economies yet many face sizeable fiscal adjustments and rising vulnerability to market shifts

Zsolt Darvas, Gonzalo Huertas, Lennard Welslau and Jeromin Zettelmeyer

Sovereign Debt and Fiscal Integration in the European Union

Zsolt Darvas, Lennard Welslau and Jeromin Zettelmeyer

The real obstacle to EU capital market integration is unreformed pension systems

Private pension savings in EU countries are limited by pension system design, meaning far less money than there could be for capital market investment

Jacob Funk Kirkegaard

Economic impact must dictate immigration policies in an ageing Europe

Faced with rapid population change, EU countries must evaluate the weighting they give to different migration channels in their immigration policies

Jacob Funk Kirkegaard

What Germany’s medium-term fiscal plan means for Europe

EU leniency on Germany’s fiscal plan highlights rule rigidity and the need for reform to support investment

Jeromin Zettelmeyer, Zsolt Darvas and Lennard Welslau

How much of a threat to US debt sustainability is Trump’s One Big Beautiful Bill Act?

The US should start fiscal adjustment as soon as it can if it wants to head off the risk of exploding debt related to Trump’s tax and spending plan

Samantha Ajovalasit, Andrea Consiglio and Stavros Zenios