In this article we consider the issue of debt, which became a global concern, within another global concept – in the context of sustainable development and economic growth. More and more attention is paid to this concept due to urgent necessity for coordination of policies at both national and global levels. The predominant theoretical thinking tends to underestimate the risks. Although a lot have been made towards improving global financial stability after the recent crisis, the risks remain high as new threats and challenges emerge, and the global financial system is still unable to respond to them adequately. Having considered the banking regulation innovations from the perspective of financial security and inclusiveness, we come to conclusion that the global financial reforms are being conducted in the right direction, and the system became more secure, however, 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, which is the argument opponents of the tax appeal to, seems to be socially responsible measure working for financial stability at the same time. Finally, we also assume that steadily increasing nonfinancial sector debt of the leading economies presents a serious challenge to global financial stability and to sustainable growth. Estimates of the threats to the world economy from unprecedented debt at all levels of economic system are largely inadequate. Effective and inclusive measures to reduce it have not been yet developed. Therefore, the issue of increasing indebtedness should be tackled accordingly. Otherwise, the world economic system appears to become very fragile and unsustainable under the burden of financial imbalances and emerging risks.