A new cooperative order for a new era

Jean-Claude Trichet, John B. Taylor, Min Zhu, Ngozi Okonjo-Iweala and Takatoshi Ito also contributed to this article on behalf of the G-20 Eminent Persons Group on Global Financial Governance, which was chaired by Deputy Prime Minister Tharman Shanmugaratnam

The world is at a critical juncture. Our central challenge is to create a new, cooperative international order for a world that has changed irreversibly: one that is more multipolar, more decentralised in decision-making, and yet more interconnected. We otherwise face the prospect of fragmentation, and the steady weakening of our capacity to respond to the national and collective challenges of the future.

There is no going back to the old multilateralism. There is no single conductor. There are already many more orchestras in play. We need a new harmony. A new, cooperative order is crucial to achieving the most fundamental goals of the international monetary and financial system: to enable nations to achieve stronger, more inclusive and more sustainable growth, to avert financial crises and to tackle the pressing global challenges that affect us all.

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A version of this article appeared in the print edition of The Straits Times on October 16, 2018, with the headline A new cooperative order for a new era. Subscribe