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The rules-based global order as we know it is on life support. It is under threat in an increasingly multi-popular world — fragmented and weakened in its ability to tackle the challenges of the future. Few think there is now anyway back to multilateralism and a new approach is in order.

Tharman ShanmugaratnamJean-Claude TrichetJohn B TaylorMin Zhu and Ngozi Okonjo-Iweala from the G20 eminent persons group argue that a new co-operative international order can tackle the unprecedented challenges facing the world. Nations need to be able to achieve stronger growth as well be prepared for future financial crises.

National policies must be at the heart of tackling these challenges, the authors say. International initiatives must support innovation, financial stability and investment while avoiding “beggar-thy-neighbour” policies that benefit one country. Only a new collective resolve can take us beyond the Bretton Woods-era institutions into an order fit for the future.

© Daniel Pudles

Philip Stephens thinks that once the fog of Brexit clears, Britain and France will rediscover that they need each other.

Gillian Tett warns that investors should heed the dangers of a splintering of the internet — a digital version of the Iron Curtain.

Henry Mance reflects on Scott Kelly's contrition for quoting Winston Churchill and imagines some other wrong-headed apologies

What you’ve been saying

Integrity of Hong Kong sits on a knife edge: letter from Sir Malcolm Rifkind QC, UK Foreign Secretary, 1995-97

When I was handling the final negotiations for the handover of Hong Kong, one of our key priorities was safeguarding the rule of law and the city’s basic freedoms. [ . . .] But the bizarre decision by one of the world’s financial hubs to deny the Financial Times Asia editor, Victor Mallet, a visa shows that the integrity of this settlement sits on a knife edge. It exposes a worrying trend: that Hong Kong’s “core values”, including free expression and the rule of law, are under pressure.

In response to “Democrats need their own Mitch McConnell”, Hard realities says:

It is not just missing a McConnell. The Democrats are unable to pick a winnable issue. They have a legacy of problems which brought Trump into office and the continuing baggage of Clintons.

Summers appreciates his limitations — at last: letter from Jonathan Reiss, New York, NY, US

Larry Summers has brilliantly portrayed himself as an out-of-touch elitist ( “I discovered the rest of America on my summer holiday”), dramatising why residents of flyover country feel ignored and dismissed by the ruling elite. Good to see that he finally appreciates his limitations. We can hope that others learn from his example.

Today’s opinion

Twitter apologies that really would have gone viral
How to miss the point in 140 characters

We need a new, more co-operative international order
Our biggest risk is complacency in the face of unprecedented challenge

Investors must heed warnings about a splintering of the internet
The risk is of a digital-era version of the Iron Curtain between the US and China

Instant Insight: If the bull market is ending, what happens next?
As Treasury yields creep up, equities lose their shine but the market momentum look set to return

Global Insight: Trump and the fear of fascism in America
US president’s invective has leaned towards the authoritarian end of the spectrum

Friends and enemies: Britain and France need each other
Once the fog of Brexit clears, they will rediscover they are actually quite alike

Investing in human capital is an urgent task
Waiting for more donations is not a viable strategy for countries falling behind

Markets Insight: Investors would be wise to wait out Brazil’s presidential election
Many think a Bolsonaro victory will bring in pro-market reform

The Big Read

The Big Read: China finance: why ‘accidental banks’ face a crackdown
Asset managers were big lenders to Chinese buyers of overseas assets but capital is drying up

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