Global debt is entering a more expensive and uncertain phase. Drawing on the OECD Global Debt Report 2026, Paola Subacchi talks to Nicolas Pinaud about the
outlook for sovereign and corporate debt, rising refinancing risks, and the growing burden of debt-servicing costs.

They discuss how higher interest rates, inflation, tighter monetary policy, and geopolitical tensions are reshaping debt markets, especially for low-income
countries. The conversation 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.

Host
Paola Subacchi is Professor and Chair in Sovereign Debt and Finance at Sciences Po, and Professor of Political Economy of Europe at the University of Bologna. She is also a partner at Essential Economics, a London-based consultancy that advises governments, international organisations, and private companies.

Guest
Nicolas Pinaud is Deputy-Director, OECD Directorate for Financial and Enterprise Affairs. He is an experienced Advisor with a demonstrated history of working on domestic, international and multilateral economic affairs for more than 15 years at government level and in an international organisation (the OECD).

Production Paola Subacchi

Coordination Nathalie Corvée

Musique Nils Bertinelli

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