国际清算银行：2026年度经济报告（英文版）

n recent decades, fiscal policy has expanded aggressively during downturns but has often failed to adjust sufficiently during recoveries, especially in the face of rising public debt. Fiscal challenges are now compounded by mounting pressures from population ageing, defence spending and climate change. The resulting ratcheting up of public debt, coupled with structural changes in sovereign debt markets, poses a growing risk to financial stability in many economies. While the traditiona