“…To define international organisations, we follow Pevehouse et al (2020: 494) in that institutions must be a formal entity, have at least three state members, and there is a permanent secretariat or other indication of institutionalisation. Coordination and collaboration through IOs (Gray et al, 2017; Pevehouse et al, 2020) can create substantial benefits for participating states, arguably the lowering of transaction costs being the most prominent advantage (Abbott and Snidal, 1998; Elsig et al, 2011; Hawkins et al, 2006; Mansfield and Pevehouse, 2006; Martin, 1992; Martin and Simmons, 1998; North, 1984; Schneider, 2011; Trommer, 2017). At the same time, joining IOs is not without costs as states must contribute financial resources or accept cuts into their decision-making power (Abbott et al, 2000; Fearon, 1998; Kahler, 2000; Simmons, 2010; Vaubel, 2006).…”