Jean-Claude Trichet, John B Taylor, Min Zhu, Ngozi Okonjo-Iweala and Takatoshi Ito also contributed to this piece on behalf of the G20 Eminent Persons Group on Global Financial Governance

We are at a critical juncture. The central challenge is to create a new, co-operative 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, co-operative 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.