Our world is being challenged in ways few people could have imagined 70 years ago. Back then, in the aftermath of World War 2, the institutions that were designed to prevent challenges such as those we are facing today — the UN, IMF, World Bank and others — were operating in a much simpler world.

That era is now over. Climate change, the fourth industrial revolution, the emergence of a new multipolar and multiconceptual world order and rising income inequality, are all placing strains on economies, societies and our environment that our existing framework of international governance institutions are not able to cope with — or stopped coping with, due to a lack of the consensus often needed in intergovernmental processes.

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