It’s official the global debt now amounts to 324% of the world’s annual economic output, according to a report publish by the Institute of International Finance. Worldwide debt has risen to a record $226-trillion (192.000 trillion euros). This report is released just before, several of the world’s major central banks prepare to tighten their monetary policy by ending a decade of very cheap credit.

Among other things, the study highlights the risks faced by some emerging countries that have borrowed heavily in currencies such as the euro or the US dollar. They will have to repaid or refinanced about 1,7000 billion by the end of 2018.

The European Central Bank (ECB) should announce Thursday a reduction of its purchases of securities on the markets, the Bank of England (BoE) may raise its key rates next week for the first time in ten years. Meanwhile, the Fed has been moving toward its third-rate hike since the beginning of the year.

All of this can be explained by the historically low rates that followed the financial crisis and the Great Recession have both allowed the world’s stock markets to reach unprecedented levels. They also fostered the explosion of household debt, companies and States.