There are two major currents in the literature on public debt management: the integrated one and the portfolio one. According to the integrated approach public debt is analysed in a broader context of economic policy of the government. Like in the case of the concept of tax flattening, fiscal policy optimization and debt management optimization are often considered jointly. On the other hand, the portfolio approach involves debt management with the economic policy of the government specified in advance. The borderline often runs between theoretical writings in economics and economic policy and practice, including documents accepted in different states by public debt management institutions. Convergence of both these currents is a likely direction of developments in research efforts. The Strategy for Public Finance Sector Debt Management in 2003-2005 may be a reflection of such a need.