{"id":6575,"date":"2015-03-17T07:57:20","date_gmt":"2015-03-17T12:57:20","guid":{"rendered":"http:\/\/olduvai.ca\/?p=6575"},"modified":"2015-03-17T07:57:20","modified_gmt":"2015-03-17T12:57:20","slug":"plan-b-major-european-allies-desert-obama-join-china-led-infrastructure-bank","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=6575","title":{"rendered":"Plan B? Major European “Allies” Desert Obama, Join China-led Infrastructure Bank"},"content":{"rendered":"

Plan B? Major European “Allies” Desert Obama, Join China-led Infrastructure Bank<\/a><\/h3>\n

It appears the sea of de-dollarization has reached the shores of Europe. With\u00a0Australia<\/a>\u00a0and UK having already moved in the direction of joining the China-led AIIB<\/strong>,\u00a0The FT reports<\/a>\u00a0that\u00a0France, Germany, and Italy have now all agreed to join the development bank<\/strong>\u00a0as ‘pivot to Asia’ appears to be Plan B for Europe. As Greg Sheridan previously noted, “the saga of the China Bank is almost a textbook case of the failure of Obama\u2019s foreign policy,” but as The FT concludes, the European decisions represent a\u00a0significant setback for the Obama administration<\/strong>, which has argued that western countries could have more influence over the workings of the new bank if they stayed together on the outside.\u00a0As Forbes notes<\/a>,\u00a0this leaves Obama with 3 uncomfortable options<\/strong>…<\/p>\n

As The FT reports,<\/p>\n

\n
France, Germany and Italy have all agreed to follow Britain\u2019s lead and join a China-led international development bank, according to European officials, delivering a blow to US efforts to keep leading western countries out of the new institution.<\/strong><\/div>\n

The decision by the three European governments comes after Britain announced last week that it would join the $50bn Asian Infrastructure Investment Bank, a potential rival to the Washington-based World Bank.<\/p>\n

…<\/p>\n

The European decisions represent a significant setback for the Obama administration, which has argued that western countries could have more influence over the workings of the new bank if they stayed together\u00a0<\/strong>on the outside and pushed for higher lending standards.<\/p>\n

The AIIB, which was formally launched by Chinese President Xi Jinping last year, is\u00a0one element of a broader Chinese push to create new financial and economic institutions that will increase its international influence.<\/strong>\u00a0It has become a central issue in the growing contest between China and the US over who will define the economic and trade rules in Asia over the coming decades.<\/p><\/blockquote>\n

This follows Australia and UK…<\/p>\n

 <\/p>\n

…click on the above link to read the rest of the article…<\/p>\n","protected":false},"excerpt":{"rendered":"

Plan B? Major European “Allies” Desert Obama, Join China-led Infrastructure Bank It appears the sea of de-dollarization has reached the shores of Europe. With\u00a0Australia\u00a0and UK having already moved in the direction of joining the China-led AIIB,\u00a0The FT reports\u00a0that\u00a0France, Germany, and Italy have now all agreed to join the development bank\u00a0as ‘pivot to Asia’ appears to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[3502,93,130,4231,281,333,359,4230,1464,888],"class_list":["post-6575","post","type-post","status-publish","format-standard","hentry","category-economics","tag-aiib","tag-britain","tag-china","tag-development-bank","tag-europe","tag-france","tag-germany","tag-infrastructure-bank","tag-italy","tag-world-bank"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6575"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6575\/revisions"}],"predecessor-version":[{"id":6576,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/6575\/revisions\/6576"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6575"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6575"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}