Are we able to make multilateral institutions work effectively? Or is our world now so divided that even those we have inherited are doomed to founder? These questions have been raised in many contexts in recent years, notably in the United Nations. But they are also raised by the debate over reform of the International Monetary Fund. What makes this example disturbing is that it should be a simple case: not only does the institution exist, but it has clear functions on which reasonable people broadly agree. Nevertheless, progress is enormously difficult.

My view of international institutions is pragmatic. States need to co-operate if our increasingly interdependent world is to function. The best way to do so is via multilateral institutions with clear objectives, legitimate governance and professional staffs allowed to exercise independent judgment.