Issue 5 – Guarding the multilateral order

The system has evolved rapidly, but not without strain. Cooperation is under pressure, institutions are being tested, and geopolitical fault lines are becoming harder to ignore. Yet despite growing fragmentation, the ambition to shape the global order remains as strong as ever. What was once a framework built on shared rules and collective governance has become an arena of competing interests. Governments, regulators, and strategic investors are no longer just participants, they are actively redefining the balance between openness and control. That’s why this issue carries particular weight for us. ...