Global debt in a higher debt world

In this episode of Science Po’s Debt Talks, Nicolas Pinaud, OECD Deputy Director for Financial and Enterprise Affairs, talks about the outlook for sovereign and corporate debt, rising refinancing risks, and the growing burden of debt-servicing costs.

Drawing on the OECD’s Global Debt Report 2026, he discusses how higher interest rates, inflation, tighter monetary policy, and geopolitical tensions are reshaping debt markets, especially for low-income countries. He also explores the legacy of quantitative easing, the changing investor base in corporate bond markets, shorter maturities, and the role of EU bonds in strengthening Europe’s capital markets.