Debt is at record levels in advanced and emerging market economies. 40 percent of low-income countries are wrestling with debt distress or high-risk debt levels. If measures are not put in place to reduce risk, a new and broad-based wave of debt crises could emerge as a major threat for the UN 2030 Agenda for Sustainable Development. In a few countries, a debt crisis has already materialized. Can the current international financial architecture provide prevention and resolution of debt and financial crises? Or does it need to be reformed?