Government gross debt in Eurozone

Euro area government debt is the stock of liabilities owed by member states' general governments to their creditors. It is shown in absolute terms and, above all, as a share of GDP, and anchors the EU's common fiscal framework.

Eurostat publishes it as Excessive Deficit Procedure (Maastricht) debt, at nominal value and consolidated across subsectors: securities, loans and deposits. The aggregate debt-to-GDP ratio sets that stock against the area's economy.

The debt level shapes fiscal sustainability, sovereign risk premia and fiscal room, and is central to EU rules and the 60%-of-GDP threshold. It is closely tracked by the ECB, bond markets and rating agencies.

It is a low-frequency figure revised with the national accounts and masks wide dispersion across members. The ratio depends on both the debt stock and nominal GDP, so it can move without any change in borrowing.