The Bank for International Settlements (BIS) Annual Economic Report 2024, published on June 30, highlights the significant risks posed by rising public debt levels across both advanced and emerging market economies. The report stresses that without fiscal consolidation, debt trajectories will remain unsustainable, threatening macroeconomic stability. As interest rates rise, refinancing needs and higher debt servicing costs could lead to financial stress, especially if economic growth falters. The historical record underscores the potential for high debt to cripple fiscal policy credibility and strain monetary policy, leading to inflationary pressures and exchange rate instability. Claudio Borrio, head of the Bis economic department, stated in a press conference: “Markets could at some point question fiscal sustainability … We know from experience that things look sustainable until, suddenly, they no longer do.”

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