International systems do not need a single sovereign.
States routinely create rules, organizations and adjudicative processes that shape behavior without placing themselves beneath a world government. The resulting authority is narrower than domestic sovereignty but can still be operationally significant.
Shared procedures reduce uncertainty.
Collective action becomes easier when participants know who can decide, how a breach is characterized, what consequences follow and which responses are authorized. Institutions can therefore create value by aligning expectations even when coercive power remains with member states.
Commercial design matters.
For a shared enterprise or supranational vehicle, authority should be translated into decision rights, suspension rules, remedies, funding obligations and continuity arrangements. The objective is not institutional ornament. It is a framework in which compliance remains easier than defection.