China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.

Sebastian Mallaby proposes that Mitt Romney declare war on America's addiction to debt.

In addressing capitalism's critics, Sebastian Mallaby champions hedge funds as appealing alternatives to too-big-to-fail institutions.

China seems to want the yuan to dethrone the dollar as the global reserve currency. But don't expect China's currency to take over anytime soon.

Sebastian Mallaby argues that the internationalization of the renminbi is less a sign of China's rise than of China's internal confusion.

The next U.S. president will have to navigate between grand ambition and the realities of the world economy, says CFR international economics expert Sebastian Mallaby. This video is part of a special Council on Foreign Relations series that explores the top foreign policy issues debated in the run-up to the 2012 elections.

CFR's Sebastian Mallaby discusses the EU summit's potential for stemming the tide of the eurozone debt crisis.

Italy's budget may matter more than ineffectual Franco-German summitry, but the new agreement between France and Germany on reforming EU rules remains a reckless distraction, says CFR's Sebastian Mallaby.

A preview of world events in the coming week from CFR.org: EU leaders meet for a critical summit; the Greek parliament votes on a 2012 budget; a conference on Afghanistan's future convenes without Pakistan; and the UK embassy attack bolsters a push for sanctions on Iran.

Sebastian Mallaby explains why Germany should pay more to keep the eurozone intact.

Sebastian Mallaby, Director of the Maurice R. Greenberg Center for Geoeconomic Studies and Paul A. Volcker Senior Fellow for International Economics, says Greece is nearing a turning point in its debt crisis. Mallaby predicts that "Greece is going to have to default, it's going to have to be restructured in its debt," and argues that policy-makers need to "prevent the fire from spreading out of Greece and causing trouble all across the eurozone."

Sebastian Mallaby urges the European Central Bank to be bold in its bond purchases rather than insisting on deals with numerous strings attached.

Sebastian Mallaby is unconvinced by the thesis of Jeff Madrick's Age of Greed, a history of American banking since the 1970s.

A tentative agreement on raising the debt ceiling falls far short of the deep reforms needed to improve U.S. spending patterns and the country's global standing, writes CFR's Sebastian Mallaby.

Sebastian Mallaby suggests that the European Central Bank could stem contagion by taking a cue from the Federal Reserve.

A new proposal by the bipartisan "Gang of Six" to reduce deficits by nearly $4 trillion could gain traction among House Republicans, with polls showing greater public support for raising the debt ceiling as the August 2 deadline approaches, says CFR's Sebastian Mallaby.

Sebastian Mallaby explains how declining U.S. economic strength is eroding U.S. military pre-eminence.

Gridlock over raising the debt ceiling has already tarnished Washington's image and failure to address the problem in one month could cause enormous global financial upheaval, writes CFR's Sebastian Mallaby.

Greece's government escaped a no-confidence vote, but the crisis over its massive sovereign debt continues to shake the eurozone. CFR's Sebastian Mallaby says there are no easy solutions and matters may be coming to a head.

Sebastian Mallaby wants regulators to show more courage by demanding higher capital requirements for large banks.

A mix of extraordinary global events, historically dismal household prices, and government spending pressures have contributed to the gloomy U.S. May jobs report and point to more tough times ahead, writes CFR's Sebastian Mallaby.