In the aftermath of the COVID-19 crisis, anti-crisis packages were introduced in a number of countries, financed predominantly by issuing public debt. As a result, public debt levels are rising. According to forecasts, public debt in the EU-27 in relation to GDP will be around 95% at the end of 2021! At the same time, since the global financial crisis more than a decade ago, the world has maintained very low interest rates, which make it easier for governments to service public debt. There are claims that public debt, even if high and growing, is not a problem in such conditions. Instead, they point to expected economic growth as a factor that will lead to countries “growing out” of public debt. The discussion aims to introduce a wider audience to the issue of public debt, its growth and stability factors, but first and foremost to present the dangers of an excessive level of public debt and the consequences of losing control over debt dynamics, leading to a debt crisis and, more broadly, a crisis of public finances. The speakers will attempt to answer the most important question, namely to what extent can the state go into debt with impunity, especially in the face of huge demographic and climate challenges (energy transition) and whether low interest rates are here to stay.