Global properties of canonical derivability predicates in Peano Arithmetic) are studied here by means of a suitable propositional modal logic GL. A whole book [1] has appeared on GL and we refer to it for more information and a bibliography on GL. Here we propose a sequent calculus for GL and, by exhibiting a good proof procedure, prove that such calculus admits the elimination of cuts. Most of standard results on GL are then easy consequences: completeness, decidability, finite model property, (...) interpolation and the fixed point theorem. (shrink)