The “Asian Infrastructure Investment Bank” (AIIB) was launched by China in 2013. It only became headlined in the world press this month when the United States publicly criticized Britain for announcing its participation.Indeed, soon after Chancellor of the Exchequer, George Osborne, stated that the UK would be among the “founding members” of AIIB, the FT published a comment from a “US Government official: “We are wary about a trend toward constant accommodation of China, which is not the best way to engage a rising power…”The message was two-fold: the British move had not been agreed with the US–a blow to the special relationship–and it would undercut the Bretton Woods Institutions, the IMF, the World bank and the Asia Development bank, the jewels of the “pax Americana,” the world has enjoyed since the end of world war two.The problem is that the Bretton Woods institutions were not capable of adapting in order to maintain their “exclusiveness” at a time when China is becoming the first economic power in the world. China is trailed only by India and other Asian tigers in terms of GDP growth.A major effort has been made since the beginning of the 21th Century to adapt the IMF and… Read full this story
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