We summarize a recent strategy for a global analysis of the B -> pi pi, pi K systems and rare decays. We find that the present B -> pi pi and B -> pi K data cannot be simultaneously described in the Standard Model. In a simple extension in which new physics enters dominantly through Z^0 penguins with a CP-violating phase, only certain B -> pi K modes are affected by new physics. The B -> pi pi data can then be described entirely within the Standard Model but with values of hadronic parameters that reflect large non-factorizable contributions. Using the SU(3) flavour symmetry and plausible dynamical assumptions, we can then use the B -> pi pi decays to fix the hadronic part of the B -> pi K system and make predictions for various observables in the B_d -> pi^-+ K^+- and B^+- -> pi^+- K decays that are practically unaffected by electroweak penguins. The data on the B^+- -> pi^0 K^+- and B_d -> pi^0 K modes allow us then to determine the electroweak penguin component which differs from the Standard Model one, in particular through a large additional CP-violating phase. The implications for rare K and B decays are spectacular. In particular, the rate for K_L -> pi^0 nu bar nu is enhanced by one order of magnitude, the branching ratios for B_{d,s} -> mu^+ mu^- by a factor of five, and BR(K_L -> pi^0 e^+ e^-, pi^0 mu^+ mu^-) by factors of three.
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