As the Federal Reserve prepares to begin paring the size of its $4.5tn balance sheet next month, analysts at Deutsche Bank on Wednesday warned that what they have dubbed the “great central bank unwind” is one of several candidates for creating the next financial crisis, MarketWatch reports.

“When looking for the next financial crisis, it’s hard to escape from the fact that we’re seemingly in the early stages of the ‘great unwind’ of global monetary stimulus at the same time as global debt remains at all-time highs following an increase over the past decade—at the government level at least—which has been unparalleled in peacetime history,” wrote strategists led by Jim Reid in an 88-page study entitled, “The Next Financial Crisis”.