Global debt has become one of the defining macro-financial issues of our time. It shapes the ability of governments to respond to shocks, companies to invest, households to accumulate wealth and manage living costs, and markets to price risk. When used productively, debt supports growth, development, capital formation, infrastructure, innovation, and the smooth functioning of the global financial system. But when debt rises faster than GDP, income or productivity—or if not anchored by policy credibility—it can become a source of vulnerability.  In turn, debt-related vulnerabilities can amplify shocks, limit fiscal space and increase volatility across capital flows, credit spreads, currencies, and asset prices. […]