Government Debt Is a Global Problem

Finance ministers and central bankers, gathering in Washington for the annual meetings of the International Monetary Fund, face a global trading system in disarray, uncertainty over the dollar’s standing and the likely course of interest rates, and financial markets that are (for now) unnervingly complacent.

Amid all these challenges, policymakers must pay particular attention to one more: Following years of neglect, public debt has emerged as an increasingly serious risk.