This paper differs from other papers published on the subject at least in two aspects. The first one is the political relevance that is given to the decision-making process, as far as responsibility for developing a global macroeconomic public debt management strategy is concerned. The second is that the approach is a functional analysis; i.e., there is no need to have a specific structure for the debt office in order to analyze whom and where the functions are carried out. The paper gives a clear and well-defined list of tasks for each function, and this leads to clear and structured functional responsibilities for the implementation of the back, middle, and front office working organization structure.