The economy is currently undergoing processes of globalization, from which the conflicts, tensions and crises in a region of Europe, influence the economic development and even the disintegration within the EU. At present, financial instability has become a characteristic feature of the global economy, with systemic character and influence on the growth rates of states, integration groups and regions. The major impact on the financial import / export in the economic conditions existing in the developed countries of the world, namely the external factor. The article analyzes the global practice of governments in international debt management, which, in addition to monetary-fiscal policy, plays a crucial role in the process of macroeconomic recovery in European countries. The purpose of the research consists in investigating the process of external debt management within the processes in the European space through the geoeconomic processes and the apparent risks.