The article discusses how the European Central Bank managed the sovereign debt crisis after the financial crises of 2007 and 2008. It looks at government debt and budget deficits in the EU, focusing on Romania. The goal is to understand the causes of the crisis and find effective solutions. The study shows that government debt should be below 60% of GDP and budget deficits less than 3% to meet EU requirements. The crisis can impact the economy of EU member states due to global financial connections. The analysis aims to prevent the crisis from worsening.