Debt Governance and Sustainable Development Goals
In this article we consider the issue of debt governance within the context of sustainable development and economic growth. Although a lot have been made towards improving global financial stability after the recent crisis, the risks remain high as new threats emerge, and the global financial system is still unable to respond to them adequately. Today the key forum to confront increasing risks and promote viable governance is a group of major economies - G20. It is G20 that has done important steps towards global stability, and is expected to take the initiative for further improvements. Having considered the banking regulation innovations from the perspective of financial security and inclusiveness, we come to conclusion that the system is not yet sufficiently sustainable. The other idea we come up with is that implementation of financial transaction tax as a tool to discourage excessive speculation without impeding other economic activities seems to be socially responsible measure working for financial stability at the same time. Finally, we also assume that steadily increasing governmental debt of the leading economies presents a serious challenge to global financial stability and to sustainable growth, and should be dealt with accordingly. Otherwise, the world econmic system appears to become very fragile and unsustainable under the burden of financial imbalances and emerging risks.