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Budget deficit or public debt are challenges faced by most EU countries in the present times. These issues determine the economic security of a country and its financial liquidity, i.e. the ability (or its lack) to meet the state’s financial liabilities towards the domestic and foreign entities. The reflections presented in this article are an attempt to answer the following questions: - What is the nature and the origin of public debt? - What are the limits of public debt in economic theory and practice? - When and why does public debt become a threat to the state’s security? - What does public debt management involve, in the context of the state’s financial security? The above questions allow us to draw conclusions concerning Poland's public debt policy with respect to the state’s financial security in the era of progressing European integration and the financial crisis in the Eurozone.