What would happen if tomorrow all private and public debt was erased? The question is what would happen if tomorrow all private and public (government) debt was erased? I am especially curious if normal daily economic activities would go on, what would the role of central banks be and how would the economy come into some equilibrium again.

The question is, indeed, a bit vague but I would like to know some opinions from various aspects. I think it is a very nice gedanken experiment.
It would depend a lot on how the debt was "erased." If you are simply suggesting a transfer payment from creditor to debtor, what would force such an event? Or would it be voluntary? If it were forced, then you would have a threat to private property rights and therefore, a disincentive for further lending. Security of capital would be diminished and all investment might stop overnight.

This question is very broad. But the answer of what might happen would depend very much on the details of how all this might come about.