European Allies Turn from US to China
France, Germany and Italy decided to follow Britain's lead and join the Asian Infrastructure Investment Bank (AIIB), Reuters reports.
AIIB is viewed as a factor to contribute to the spread of China's "soft power" in the region, possibly at the expense of the United States. According to Financial Times the decision of three European countries to become members of the AIIB was "a major diplomatic setback" for Washington, which prevoisly questioned if the new bank will have high standards of governance and environmental and social safeguards.
On the occasion EU parliament president Martin Schulz welcomed the four European nations joining the AIIB, particularly noting:
"I find it good that they join. If more member states would join I would find it even better. There is one additional element. Such new organizations must answer to the requirements of international standards. That is quite important," Reuters reports.
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