Acceleration of financialisation of the global economy highlights the risks of the financial markets volatility, “boom‐burst” cycles on the markets, infringements of the price stability and debt sustainability. For Ukraine, these imply increasing external threats and arising new challenges, since high external openness, significant foreign debt liabilities and a lack of domestic investments and loans are attributable to the national economy. On a basis of international comparisons, author shows the weak development of the national monetary and credit system and, appropriately, the lack of leverages in the sectors of financial, non‐financial corporations and households, that hamper economic growth in Ukraine. On the other hand, author confirms the significant external debt vulnerability of Ukraine’s economy, that reinforce the adverse implications of finacialization and instability of the cross‐border capital flows.

Paper examines the long‐term factors determining the declines in the long‐tem foreign capital inflows to the emerging markets in the post‐COVID world. Forward‐ looking methods for solving the debt problems in different countries are compiled, as well as their particularities in the USA and in the euro‐zone are revealed. Author elaborates the policy proposals over the medium‐term for mitigation of the credit and debt distortions in Ukraine and setting up of the financial basis for economic growth, among which: development of the national capital market, fiscal policy adjustment, acceleration of the FDI inflows to Ukraine, shifts in the monetary policy and management of the foreign exchange reserves.